Each year a salesperson is paid a bonus of $2000 which is banked into the same account. It earns a fixed rate of interest of 6% p.a. with interest being paid annually. Find the total bank balance after 10 years, assuming there are no fees or withdrawals. Find the total bank balance after 10 years, assuming there are no fees or withdrawals.
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vsrinandan:
It has to be solved by using geometric series formulas.
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