Suppose that a young couple has just had their first baby and they wish to ensure that enough money will be available their child's college education. They decide to make deposits into an educational savings account on each of their da birthdays, starting with her first birthday. Assume that the educational savings account will return a constant 7%. Th deposit $2400 on their daughter's first birthday and plan to increase the size of their deposits by 5% each year. Assu the parents have already made the deposit for their daughter's 18th birthday, then the amount available for the dau college expenses on her 18th birthday is closest to $118.232.50 $116,046.73 $116,797.57 $117,650.97