Each year a salesperson is paid a bonus of $2000 which is banked into the same account. it earns a fixed rate of interest of 6% p. a. with interest being paid annually. the total amount in the account at the end of each year is calculated as follows:
a0 = 2000
a1 = a0 x 1.06 + 2000
a2 = a1 x 1.06 + 2000 and so on.
find the total bank balance after 10 years, assuming there are no fees or charges.