Cooper wants to save for college. Assuming he puts $5,000 into an account at the end of each year for five years and earns 12% compounded annually, how much will he have saved by the end of the fifth year (rounded to the nearest whole dollar)? a. $25,000. b. $31,764. c. $18,024. d. $14,096.

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Q: could you go step by step on how to solve?

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A: The correct answer with calculation is given in the below step.

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A: The value of an asset at a future date is called future value.

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A:

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A: Using excel PMT function

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