On January 1, 2017,Oriole Companydecided to begin accumulating a fund for asset replacement five years later. The company plans to make five annual deposits of $63000at9% each January 1 beginning in 2017. What will be the balance in the fund, on January 1, 2022 (one year after the last deposit)? The following9% interest factors may be used.

Present Value of

Ordinary Annuity

Future Value of

Ordinary Annuity

4 periods. 3.2397. 4.5731

5 periods. 3.8897. 5.9847

6 periods 4.4859. 7.5233

$377036

$343350

$410969

$315000