When you were born, your dear old Aunt Minnie promised to deposit $1,000 in a savings

account for you on each and every one of your birthdays, beginning with your first. The

savings account bears a 5 percent compound annual rate of interest. You have just turned

25 and want all the cash. However, it turns out that dear old (forgetful) Aunt Minnie

made no deposits on your fifth, seventh, and eleventh birthdays. How much is in the

account now on your twenty-fifth birthday?

NOTE SOLVE IT ON PAPER WITH FORMULA OF FUTURE VALUE OF ORDINARY ANNUITY

STEP BY STEP I REPEAT SOLVE IT ON PAPER STEP BY STEP IN EASY WAY