Answer:
$20,300.88
Step-by-step explanation:
First Year : 75,000x(1-23%)
Second Year: 75,000x(1-23%)x(1-23%)
=75,000x(1-23%)^2
Third Year : 75,000x(1-23%)x(1-23%)x(1-23%)
=75,000x(1-23%)^3
x Year : 75,000x(1-23%)^x (Analogical Reasoning)
Hence : Fifth year:75,000x(1-23%)^5 = 75000x(0.77)^5
23%=0.23 1-23%=1-0.23=0.77
Therefore Fifth Year: 75000x(0.77)^5=$20300.88
