Based on the amount Raymond deposited, the amount in the account at the end of 6 years will be $7,964.22.
The account will increase the amount by 8% every year.
In 6 years time, the account would have:
= Initial amount x ( 1 + rate) ^ number of years
= 5,019 x ( 1 + 8%) ⁶
= 7,964.522
= $7,964.52
In conclusion, the account would have $7,964.22.
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