Suppose a company's total revenues for years 2 and 3 were $307,520 and $329,030 respectively. Also suppose that the accounts receivable had a balance of $4,230 at the end of year 1, $4,297 at the end of year 2, and $4,477 at the end of year 3. If the annual growth in total revenues is 5.54% for the foreseeable future, calculate the forecasted accounts receivable balance at the end of year 4. Assume the same accounts receivable turnover in all future years as that in year 3 calculated using the average asset balances. Note that year 3 is the latest year with reported results, while years 4 onwards are all forecasted years.

Question 18 options:

	$4,544
	$4,664
	$4,783
	$4,903
	$5,022