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Harlan Corporation deposits $175,000 every June 30th and December 31st in a savings account (beginning in the current year) for the next five years so
Harlan Corporation deposits $175,000 every June 30th and December 31st in a savings account (beginning in the current year) for the next five years so that it can purchase a new piece of machinery at the end of five years. The interest rate is 4%. How much money will Harlan Corporation have at the end of five years? Use the future value of an ordinary annuity factor table shown below to derive your answer. A. $910,707 B. $2,101,069 C. $1,916,201 D. $947,856
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