Mrs. Thompson is investing in a mutual fund for the next 5 years. The mutual fund contains stocks that are...

1. Mrs. Thompson is investing in a mutual fund for the next 5 years. The mutual fund contains stocks that are expected to yield a 7% gain each year. If Mrs. Thompson deposits $15,000 at the end of each year, calculate the future value of the investment.
According to the Future Value of Ordinary Annuity table, the factor at 7% for 5 years is 5.75074.
$431,350.50
$16,050.00
$81,250.78
$86,261.10