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In the process of saving money for college, a student plans to make six annual deposits of $3000 into a savings account that pays an

  1. In the process of saving money for college, a student plans to make six annual deposits of $3000 into a savings account that pays an interest of 4% compounded annually. Two years after making the last deposit the interest rate increases to 7% compounded annually. Twelve years after the last deposit, the accumulated money is taken out for the first time to pay the tuition. How much is withdrawn?

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