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Abbeys parents make a deposit at her birth. The bank pays interest at 5% p.a. effective. For Abbey to be able to withdraw 5 annual

Abbeys parents make a deposit at her birth. The bank pays interest at 5% p.a. effective. For Abbey to be able to withdraw 5 annual payments of $5,000 starting on her 21st birthday, how much should Abbeys parents deposit at her birth?

Select one:

a. $8,222.69

b. $8,158.67

c. $8,693.32

d. $9,000.03

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