The Solution to This Problem Requires Time Value of Money

The solution to this problem requires time value of money calculations. Reference to Tables 9-1 through 9-4 in the text is necessary to complete the calculations. If a company wishes to accumulate $500,000 in 20 years at 5% by making equal yearly deposits into an account, calculation of the deposits is an application of the

A) future value of a single amount.
B) future value of an annuity.
C) present value of a single amount.
D) present value of an annuity.