An individual is planning to set-up an education fund for his grandchildren. He plans to invest $12,500 annually at the end of each year. He expects to withdraw money from the fund at the end of 8 years and expects to earn an annual return of 6%. What will be the total value of the fund at the end of 8 years? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

Multiple Choice

• $123,719.

• $194,739.

• $100,000.

• $56,836.

• $77,623.