Now let's use these fundamental concepts to answer questions involving several different situations. On Caroline's first birthday, her parents deposited $7,000 into a savings account that earns a fixed rate of 4.00% and compounds interest annually. How much money will Caroline's account have accumulated by her 20 th birthday? (Hint: Round your answer to the nearest dollar.) $15,338$10,361$14,748$70,000 What-If Scenario 1 What would have been the balance in Caroline's account if her parents had waited until her 10 th birthday to make their initial deposit into the same account? $14,748$10,361$15,338$70,000 If Caroline's parents wanted to accumulate an account balance of $15,000 by her 20 th birthday, then how much should they have placed on deposit on her first birthday? $6,846$1,500$10,134$7,120