Question
The Clark family began savings for their child's college 17 years ago. Each year they contributed $5800 per year at the end of each year.
The Clark family began savings for their child's college 17 years ago. Each year they contributed $5800 per year at the end of each year. In year 6, Clarks were able to contribute an extra $3000 in addition to the usual $5800 contribution. Using an interest rate of 4.40%, how much do they have accumulated in their child's college fund?
INSTRUCTIONS: Place your answer in dollars and cents without using a dollar sign or a comma. For example, if your answer is one hundred thousand five hundred and seventy then place your answer as 100570. Work all analysis using at least four decimal places of accuracy.
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