Brief Exercise G-5

Andrew and Emma Garfield invested $7,800 in a savings account paying 7% annual interest when their daughter, Angela, was born. They also deposited $1,200 on each of her birthdays until she was 14 (including her 14th birthday). Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much was in the savings account on her 14th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)

Amount on 14th Birthday = ______________________