The balance in your investment account at the end of year

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Reference no: EM132020189

You make the following five end-of-year deposits into your investment account that earns 9% annual interest: $600 in year 1, $700 in year 2, $500 in year 3, $300 in year 4, and $400 in year 5. Note that the first cash flow of $600 which occurs at the end of year 1 earns interest for four years. What is the balance in your investment account at the end of year 5? Round to the nearest dollar amount.

Reference no: EM132020189

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