An individual deposits an annual bonus into savings account

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An individual deposits an annual bonus into a savings account that pays 6% interest compounded annually. The size of the bonus increases by $5,000 each year, and the initial bonus amount was $20,000. Determine how much will be in the account immediately after the fifth deposit/

Reference no: EM131005249

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An individual deposits an annual bonus into savings account : An individual deposits an annual bonus into a savings account that pays 6% interest compounded annually. The size of the bonus increases by $5,000 each year, and the initial bonus amount was $20,000. Determine how much will be in the account immediat..

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