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Starting one year from today, a series of annual deposits is made into an account offering...

Starting one year from today, a series of annual deposits is made into an account offering 11.24 percent compounded annually. The first deposit is $$1250. The second deposit is 3 percent larger than the first, That is, $1,250(1.03). The third deposit is 3 percent larger than the second, that is, $1250(1.03)^2. This pattern of growing deposits, with each deposit being 3 percent larger than the previous one, continues until the last deposit is made at the end of year 40, that is , 40 years from today. what will be the balance in the account at the end of year 40 just after the last deposit is made?

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Answer is $1140820.41

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