Fenland Co

Multiple Choice

Fenland Co.plans to retire $100 million in bonds in five years,so it wishes to create a fund by making equal investments at the beginning of each year during that period in an account it expects to earn 8% annually.What amount does Fenland need to invest each year?

A) $15,783,077.
B) $17,045,650.
C) $23,190,400.
D) Cannot be determined from the given information.