Use the following 8% interest factors.
Present Value of Future Value of
Ordinary Annuity Ordinary Annuity
7 periods 5.2064 8.92280
8 periods 5.7466 10.63663
9 periods 6.2469 12.48756
If $6,000 is deposited annually starting on January 1, 2012 and it earns 8%, what will the balance be on December 31, 2019?
A) $53,537
B) $63,820
C) $57,820
D) $68,925