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has decided to begin accumulating a fund for plant expansion. The company deposited $40,000 in a fund on January 2, 2004. Pleasant will also deposit

has decided to begin accumulating a fund for plant expansion. The company deposited $40,000 in a fund on January 2, 2004. Pleasant will also deposit $20,000 annually at the end of each year, starting in 2004. The fund pays interest at 4% compounded annually. What is the balance of the fund at the end of 2008 (after the 2008 deposit)?

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