Answer
$a_5= \$ 51, 638.54$
Work Step by Step
The general formula for the nth term of a geometric series is given by $a_n= a_1r^{n-1}$ ...(1)
The ratio of the successive terms is $r=1.035$
and $a_1=45,000$
Equation (1) gives: $a_5= 45,000 \times (1.035)^{5-1}=\$ 51, 638.54$
Hence, $a_5= \$ 51, 638.54$
