Question: Can you please answer this question using clear detailed steps? Mark saves a fixed percentage of his salary at the end of each year. This

Can you please answer this question using clear detailed steps?

Mark saves a fixed percentage of his salary at the end of each year. This year he saved $ 1200. For the coming years, he expects his salary to increase at an 8% annual rate, and he plans to increase his savings at the same 8% annual rate. He invests his money in the stock market. There thus will be 8 end of year investments. How much will the investment be worth at the end of that period if they increase in the stock market at an 8% annual rate? The answer is close to O 16453 O More information is needed. O 24679 O 20566 O 12340 Clear my choice

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