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Discuss parents have been putting an additional amount

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Your parents have deposited $500 into a savings account on since you were born. Every following year on your birthday your parents have been putting an additional amount which is 10% higher than the last deposit. Interest rate on the account is 5%, compounded annually. How much money will be in the account in your 20th birthday immediately before your parents makes the deposit on that day?

Reference no: EM131814809

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