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How much will Lana have in that account at the end of 8th year?

How much will Lana have in that account at the end of 8th year?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.17E
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  1. To pay for his college education, Lana is saving $2,000 at the beginning of each year for the next eight years in a bank account paying 12% interest. How much will Lana have in that account at the end of 8th year?
    1. $16,000                                     $24,600
    2. $17,920                                     $27,552
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