DIUI The Bello Corporation wishes to accumulate $2,000,000 for plant expansion. The funds are required on January 1, 2011. Bello intends to make five equal annual deposits in a fund that will earn interest at 7% compounded annually. The first deposit is made on January 1, 2006. Present value and future value facts are as follows: Present value of $1 at 7% for 5 periods 0.713 Present value of an ordinary annuity of $1 at 7% for 5 periods 4.10 Future value of an ordinary annuity of $1 at 7% for 5 periods 5.75 Future value of an annuity due of $1 at 7% for 5 periods 8.15 What is the amount of the required annual deposit? (a) $325,203 (b) $347,826 (c) $487,805 $426,000 (d)
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Answer $347,826 is the correct answer
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