On Huberts first birthday, his parents deposited $12,000 into a savings account that earns a fixed rate of 8.50% and compounds interest annually. How much money will Huberts account have accumulated by his 21st birthday? (Hint: Round your answer to the nearest dollar.)

$29,438

$61,344

$66,559

$120,000

What-If Scenario 1 What would have been the balance in Huberts account if his parents had waited until his 10th birthday to make their initial deposit into the same account?

$66,559

$120,000

$61,344

$29,438

What-If Scenario 2 If Huberts parents wanted to accumulate an account balance of $36,000 by his 21st birthday, then how much should they have placed on deposit on his first birthday?

$14,675

$6,490

$7,042

$3,600