medium · GRE Quant
A bank offers a promotion where every dollar deposited in the first year is matched with a 5% bonus at the end of the year.
If a customer deposits $4,000 and the account also earns 4% interest on the total amount (including the bonus) during the second year, what is the total balance at the end of year 2?
- $4,360
- $4,368
- $4,400
- $4,410
- $4,500
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