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On January 1, 20X5, Hibiscus Corporation adopted a plan to accumulate funds for environmental improvements...

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Accounting

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On January 1, 20X5, Hibiscus Corporation adopted a plan to accumulate funds for environmental improvements beginning July 1, 20X9, at an estimated cost of $2,000,000. Hibiscus plans to make four equal annual deposits in a fund that will earn interest at 8.5% compounded annually. The first deposit is to be made on July 1, 20X5. What should be the amount of each annual deposit (rounded to the nearest dollar)? (a) $562,743 (b) $406,061. (c) $440,576. (d) S610,576. 20

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