Madera Iron Sculpting Is Planning to Save the Money Needed

Essay

Madera Iron Sculpting is planning to save the money needed to replace one of its robotic welders in five years by making a one-time deposit of $20,000 today and four yearly contributions of $5,000 beginning at the end of year 1.The deposits will earn 10% interest.How much money will Madera have accumulated at the end of five years to replace the welder?