How much money will sam have in bank account

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Sam has just started his medicine course at the university and his parents have promised him an annual allowance of $15,000 starting today, with the last payment to be received eight years from today. If the bank pays an interest rate of 5% per annum compounded annually, how much money will Sam have in his bank account at the end of year 9 from the accumulated annual allowance?

Reference no: EM132998667

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