To save for our daughter's education, my wife and I started a
deposit plan intending to...
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Economics
To save for our daughter's education, my wife and I started a
deposit plan intending to deposit $10,000 a year for 20 years but
then for the 5th year's deposit we were able to begin increasing
the deposits by $1000 each year (so $11,000 for the 5th deposit and
$12,000 for the 6th deposit etc), and then we continued increasing
deposits by $1000 per year, each year up to and including the 15th
deposit. For the 16th deposit, we returned to depositing just the
$10,000 a year for the remainder of the deposits. What is the
account immediately after the 20th deposit? the interest rate is
11%
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