suppose that a young couple has just had their first baby and they wish to ensure that enough money will be available to pay for the child's college education. They decide to make deposits into an educational savings account on each of their daughters birthdays, starting with her first birthday. Assume that the educational savings account will return a constant 9%. The parents deposit 1700 on their daughters first birthday and plan to increase the size of their deposit by 5% each year. Assuming that the parents of already made a deposit for their daughter's 18th birthday, and the amount available for the daughters college expenses on her 18th birthday is closest to:

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