Sydney is considering making a monthly investment for his son who will be 5 years old on his next birthday. He wishes to make payments until his 18th birthday and intends to pay $50 per month into an account yielding an APR of 12.68 per cent. He plans to start making payments into the account the month after his son’s fifth birthday.

How much will be in the account immediately after the final payment has been made?

(a) $18,847

(b) $18,377

(c) $17,606

(d) $18,610