Question: In one year, Cathy will make an initial deposit in the amount of $1,000 in a new savings account. Cathy plans to make additional deposits

In one year, Cathy will make an initial deposit in the amount of $1,000 in a new savings account. Cathy plans to make additional deposits in the same amount of $1,000 for 19 years after the initial deposit. There will only be these 20 deposits and no withdrawals made to the account. Assume the interest rate she will earn is 5% per year. How much will her account be worth in 20 years?

Please do not round intermediary calculations. Round final answer to two decimal places. Show all work

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