You receive an annual bonus of $1,500 (N=0). These annual bonuses are expected to grow by 5% for the next 5 years.

You receive an annual bonus of $1,500 (N=0). These annual bonuses are expected to grow by 5% for the next 5 years. How much will you have at the end of the 5th year if you invest the bonuses and receive 8% per year? Assume that you include the most recent bonus (assume it was received at time = 0).

N = 0 = $1500

N = 1 = $1575

N = 2 = $1653.75

N = 3 = $1736.44

N = 4 = $1823.26

N = 5 = $1914.42