Rita has a client who wants to invest into an account that earns 5% interest, compounded annually. The client opens the account with an initial deposit of $2,000, and deposits an additional $2,000 into the account each year thereafter.

Assuming no withdrawals or other deposits are made and that the interest rate is fixed, the balance of the account (rounded to the nearest dollar) after the eighth deposit is __________.


a.)
$18,713


b.)
$19,098


c.)
$18,969


d.)
$19,247



Answer :

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