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Fourteen years ago, Uncle Joe opened an investment account to pay for his nephew's college education. Uncle Joe was supposed to put $4,000 in the
Fourteen years ago, Uncle Joe opened an investment account to pay for his nephew's college education. Uncle Joe was supposed to put $4,000 in the account at the end of each year. However, in year 6, he absent-mindedly forgot to make a deposit, but in year 8 he put $8,000 instead. If the account pays an annually compounded interest rate of 8%, how much money is there now? (all deposits are made at the end of the year, including the first one).
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