On Shens first birthday, his parents deposited $2,000 into a savings account that earns a fixed rate of 6.00% and compounds interest annually. How much money will Shens account have accumulated by his 20th birthday? (Hint: Round your answer to the nearest dollar.)

$20,000

$6,051

$6,414

$3,582

What-If Scenario 1

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

$3,582

$6,051

$6,414

$20,000

What-If Scenario 2

If Shens parents wanted to accumulate an account balance of $17,500 by his 20th birthday, then how much should they have placed on deposit on his first birthday?

$5,784

$9,772

$1,750

$5,457

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