New members of a golf club are admitted at the start of each year and pay an initiation fee of $2,000

immediately. Thereafter, members pay an annual membership fee of $400, which falls due at the

beginning of each year.

1) How much does the club make from a new member over the first 10 years,

assuming an interest rate of 5.5% compounded annually. (Note: In answering this question you must

use the formula for finding sums. If you keep on adding the numbers manually, you will receive only

partial credit.)