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  3. an individual deposits an annual bonus into a savi

An individual deposits an annual bonus into a savings account that pays 10% interest compounded...

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Finance

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An individual deposits an annual bonus into a savings account that pays 10% interest compounded annually. The size of the bonus increases by $2,900 each year, and the initial bonus amount was $12,000. Determine how much will be in the account immediately after the sixth deposit. Click the icon to view the interest factors for discrete compounding when i = 10% per year. Immediately after the sixth deposit there will be $| thousand in the account. (Round to the nearest whole number.)

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