Bank pays interest compounded annually

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Mike deposited $500 in the bank at the end of each year for five years. The bank pays 5% interest, compounded annually. How much would mike have in his account following the 5th deposit?

Reference no: EM13889048

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Bank pays interest compounded annually : Mike deposited $500 in the bank at the end of each year for five years. The bank pays 5% interest, compounded annually. How much would mike have in his account following the 5th deposit?

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