Question: Problem 5: You deposit money into your saving account each year starting next year (i.e., at t=1) for 20 years. The interest rate is 5%,

Problem 5: You deposit money into your saving account each year

Problem 5: You deposit money into your saving account each year starting next year (i.e., at t=1) for 20 years. The interest rate is 5%, your first deposit is $1000, and each year your deposit is by 3% higher than it is in the previous year. How much money will be in your account right after your last (20th) deposit? Round your answer to the nearest cent

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