On January 1, 2020, Coronado Industries decided to begin accumulating a fund for asset replacement five years later. The company plans to make five annual deposits of $ 56000 at 8% each January 1 beginning in 2020. What will be the balance in the fund, on January 1, 2025 (one year after the last deposit)? The following 8% interest factors may be used.

	Present Value of Ordinary Annuity	Future Value of Ordinary Annuity
4 periods	3.3121	4.5061
5 periods	3.9927	5.86660
6 periods	4.6229	7.33593