Starlite Industries Will Need $2

Multiple Choice

Starlite Industries will need $2.2 million 4.5 years from now to replace some equipment.Currently, the firm has some extra cash and would like to establish a savings account for this purpose.The account pays 3.6 percent interest, compounded annually.How much money must the company deposit today to fully fund the equipment purchase?

A) $1,679,947.20
B) $1,798,407.21
C) $1,350,868.47
D) $1,876,306.49
E) $1,412,308.18