Plans on increasing her investments

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Reference no: EM131094387

Elaine is going to invest $5,000 this year, and plans on increasing her investments by 7% each year. If she invests for 20 consecutive years and earns 7% per year, the amount she deposits on the 20th year is closest to …

a) $ 95,000

b) $ 18,083

c) $ 19,349

d) $ 16,900

e) $ 5,000

f) $100,000

g) $119,348

Reference no: EM131094387

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