5. During the summers prior to your four college years you are able to save $1500, $1800, $2400 and $2600. During the summer after graduation you save $3000. This money is deposited in an account that pay 7% interest, compounded annually. Find the balance in the account at the end of the summer after graduation. The formula for compound interest is: Balance = P(1 +"yne n P = Principal r = annual interest rate n = number of compounding periods / year t = times in years