Answer:
$2954.91 end of year eight
Step-by-step explanation:
2000 x 1.05^8 = 2000 x 1.04775 = $2954.91
Proof:
2000 x 1.05 = 2100 end of year one
2100 x 1.05 = 2205 end of year two
2205 x 1.05 = 2315.25 end of year three
2315.25 x 1.05 = 2431.01 end of year four
2431.01 x 1.05 = 2552.56 end of year five
2552.56 x 1.05 = 2680.19 end of year six
2680.19 x 1.05 = 2814.20 end of year seven
2814.20 x 1.05 = $2954.91 end of year eight
