On your childs 1st birthday, you open an account to fund his college education. You...
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Accounting
On your childs 1st birthday, you open an account to fund his college education. You deposit $800 to open the account. Each year, on his birthday, you make another deposit. Each subsequent deposit is 6.5% larger than the previous. The account pays interest at 5%/year compounded annually. How much money is in the account immediately after the deposit on his 18th birthday?
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