You are saving up for a Mercedes-Benz SLR McLaren, whichcurrently sells for nearly half a million dollars. Your plan is todeposit $15,000 at the end of each year for the next 10 years.You expect to earn 5 percent each year. How much will youhave saved after 10 years, rounded to the nearest 10 dollars?a. $150,000. c. $495,990.b. $188,670. d. None of the above.

Question

You are saving up for a Mercedes-Benz SLR McLaren, which
currently sells for nearly half a million dollars. Your plan is to
deposit $15,000 at the end of each year for the next 10 years.
You expect to earn 5 percent each year. How much will you
have saved after 10 years, rounded to the nearest 10 dollars?
a. $150,000. c. $495,990.
b. $188,670. d. None of the above.

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