Question: Mariah Carey invests $ 20,000 each year in a fund that earns 8% annual interest, compounded annually. If the first payment into the fund occurs

Mariah Carey invests $ 20,000 each year in a fund that earns 8% annual interest, compounded annually. If the first payment into the fund occurs at the beginning of the year, what amount will be in the fund after eight years? Draw a timeline to illustrate the problem.

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