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You are interested in saving money for your first house. Your plan is to make...

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Finance

You are interested in saving money for your first house. Your plan is to make regular
deposits into a brokerage account which will earn 12 percent. Your first deposit of $5,000
will be made today. You also plan to make four additional deposits at the beginning of
each of the next four years. Your plan is to increase your deposits by 10 percent a year.
(That is, you plan to deposit $5,500 at t=1, and $6,050 at t=2, etc.) How much money
will be in your account after five years?
$41,694.41
$40,398.25
$45,391.85
$42,506.60
$44,873.90
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