Mike received an annual bonus of $1,500. These annual bonuses are expected to grow by 5% for the next 5 years.

Mike received an annual bonus of $1,500. These annual bonuses are expected to grow by 5% for the next 5 years. How much will Mike have at the end of the fifth year if he invests the bonuses (including the most recent bonus, assuming this was received at time = 0) in a project paying 8% per year?

N = 0 = $1500