Upon the birth of your son, you open an account to fund his college education. You deposit
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Upon the birth of your son, you open an account to fund his college education. You deposit $1,500 to open the account. Each year, on his birthday, you make another deposit, each being 15 percent larger than the previous deposit. The last deposit is on his seventeenth birthday. The account has earnings of 6 percent per year compounded annually. How much money is in the account on his eighteenth birthday, one year after the last of eighteen deposits?
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Related Book For 
Principles Of Engineering Economic Analysis
ISBN: 9781118163832
6th Edition
Authors: John A. White, Kenneth E. Case, David B. Pratt
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