Best Bank pays 6% interest rate compounded monthly. However, your deposit will be annually. Your first...

 

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Best Bank pays 6% interest rate compounded monthly. However, your deposit will be annually. Your first deposit of $8000 will be made immediately (Year 0). Additionally you will make the following deposit end of each years for 5 years Years 1 & 2: $7000 each year Years 3 & 4: $6000 each year Years 5: $5000 How much will be in the account at the end of five years? Best Bank pays 6% interest rate compounded monthly. However, your deposit will be annually. Your first deposit of $8000 will be made immediately (Year 0). Additionally you will make the following deposit end of each years for 5 years Years 1 & 2: $7000 each year Years 3 & 4: $6000 each year Years 5: $5000 How much will be in the account at the end of five years?