Zendor Company Wants to Have $200,000 Available in August 2021

Multiple Choice

Zendor Company wants to have $200,000 available in August 2021 to make an equipment purchase.To be able to have this amount available,Zendor will make equal annual deposits in an investment account earning 12% annually in June 2017,2018,2019,2020,and 2021.What is the dollar amount that must be deposited each of those years to achieve this objective?

A) $22,700
B) $31,480
C) $40,000
D) $55,480