Fenland Co. plans to retire $150 million in bonds in five years, so it wishes to fund a savings account at the beginning of each year during that period for which it expects to earn 12% annually. At the end of the five years, there will be enough money in the account to pay off the bonds. What amount does Fenland need to invest each year? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Multiple Choice

a) Cannot be determined from the given information.

b) $21,081,628

c) $22,344,201

d) $28,488,951