Xiao Xin Is Planning to Accumulate $40,000 by the End

Multiple Choice

Xiao Xin is planning to accumulate $40,000 by the end of 5 years by making 5 equal annual deposits. If she plans to make her first deposit today and can earn an annual compound rate of 9 percent on her investment, how much must each deposit be in order to accumulate the $40,000?

A) $ 6,132
B) $ 6,684
C) $23,844
D) $ 9,434