Every month Fritz buys 100 novelty plungers from Eddie at $20 each. He then sells all of the plungers, and at the end of the month deposits all but $2, 000 (to buy the next months plungers) in an account earning i(12)= 5%.

The first month, he sells the plungers for $36, but because of the competitive novelty plunger market, Fritz must lower his prices by $1.50 every month. After many months, he realizes that his prices are low enough that if he lowered his prices again, he would not make a profit. At the end of that month, he deposits all but $2,000 of his proceeds into the account and gets out of the novelty plunger business. How much is in his account immediately after the final deposit (in dollars)?

Question

Every month Fritz buys 100 novelty plungers from Eddie at $20 each. He then sells all of the plungers, and at the end of the month deposits all but $2, 000 (to buy the next months plungers) in an account earning i(12)= 5%.

The first month, he sells the plungers for $36, but because of the competitive novelty plunger market, Fritz must lower his prices by $1.50 every month. After many months, he realizes that his prices are low enough that if he lowered his prices again, he would not make a profit. At the end of that month, he deposits all but $2,000 of his proceeds into the account and gets out of the novelty plunger business. How much is in his account immediately after the final deposit (in dollars)?

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Every month Fritz buys 100 novelty plungers from Eddie at $20 each. He then sells all of the plungers, and at the end of the

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