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Question 13 (1.5 points) The parents of a newborn decide to make deposits into an educational savings account on each of their daughter's birthdays,
Question 13 (1.5 points) The parents of a newborn decide to make deposits into an educational savings account on each of their daughter's birthdays, starting with her first birthday. Assume that the educational savings account will return a constant 6.5% per year. The parents deposit $2,000 on their daughter's first birthday and plan to increase the size of their deposits by 1.0% each year. How high will be the amount available right after the last installment on her 18th birthday? Instructions: Round the result to two decimal places and do not put the "$" symbol in the answer box. For example if you get a result of $74,563.02837 then write 74,563.03 in the answer box below. Your Answer:
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