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It's the first day of the year and you currently have $ 2 0 , 0 0 0 in the bank. You plan to deposit

It's the first day of the year and you currently have $20,000 in the
bank. You plan to deposit $5,000 at the end of every year for the next 5 years, with
the first payment made 1 year from now (from t=1 to t=5 inclusive).
If bank interest rates are 3% pa, how much money will be in your bank account a
moment after making your last deposit in 5 years?
(a) $26,545.68
(b) $46,545.68
(c) $49,731.16
(d) $53,789.22
(e) $59,436.99

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