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Janes parents save $1,000 per year for 17 years to pay for her university tuition costs. They deposit the money into a Registered Education Savings

Janes parents save $1,000 per year for 17 years to pay for her university tuition costs. They deposit the money into a Registered Education Savings Plan (RESP) account so that no tax is payable on the interest income. This RESP account provides a return of 6 percent per year.

How much will Janes account be worth when she begins her university studies?

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