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Last Christmas, Mr. Gem received an annual bonus of $1,500. These annual bonuses are expected to grow by 5 percent each year for the next

Last Christmas, Mr. Gem received an annual bonus of $1,500. These annual bonuses are expected to grow by 5 percent each year for the next 5 years. How much will Mr. Gem have at the end of the fifth year if he invests his Christmas bonuses (including the most recent bonus) in a project earning 8 percent per year?

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