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New parents decide at the birth of their child (time 0) to save 5000 per year toward their child's college education. Their account earns an
New parents decide at the birth of their child (time 0) to save 5000 per year toward their child's college education. Their account earns an effective rate of interest of 5%. Deposits will be made on the child's birthday for each year from the ages of 1 through 17. What is the account's balance on the child's 17th birthday (including the last payment)?
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