Invest into an ordinary annuity where $1,100 is deposited each year into an account that earns 4.8% interest compounded annually.

Details of workings for 10 Years:-

YR INVEST PLUS INTEREST
1 1,100.00 1,152.80
2 2,252.80 2,360.93
3 3,460.93 3,627.06
4 4,727.06 4,953.96
5 6,053.96 6,344.55
6 7,444.55 7,801.89
7 8,901.89 9,329.18
8 10,429.18 10,929.78
9 12,029.78 12,607.21
10 13,707.21 14,365.15