Question: Please answer question step by step A rich aunt promised you $5,000 one year from today. In addition, each year after that, she has promised

Please answer question step by step

A rich aunt promised you $5,000 one year from today. In addition, each year after that, she has promised you a payment (on the anniversary of the last payment) that is 5% larger than the last payment. She will continue to show this generosity for 20 years, giving a total of 20 payments. If you put these payments in an account that pays 7% interest, how much will you have in this account in 20 years? $304,097 $204,567 $300,437 $200,437

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