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Steve and Cher put $2,400 into a college fund every year for their son, Don, on his birthday, with the first deposit one year from

Steve and Cher put $2,400 into a college fund every year for their son, Don, on his birthday, with the first deposit one year from his birth (at his very first birthday). The college fund has a guaranteed annual growth or interest rate of 5%. At his eighteenth birthday, they will pay the last $2,400 into the fund. 



How much will be in the college fund for Eric immediately following this last payment?

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