John owns 5 health food stores in the Columbia area, and they are realizing a good profit. John decides to invest a portion of the profits in an annuity offered by Penn Life Insurance. Penn Life will guarantee John 8 percent interest compounded quarterly for the first 5 years, as long as he deposits
$10,000.00 every quarter of the term of the guaranteed rate. Assuming John fulfills the obligations of the investment, what will be the value of the
investment at the end of the 5-year term?
O $245,446.58
$261,832.74
O $242,970.00
O $255,446.40