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Jane opens an account on her daughter's first birthday to fund the college education. She deposits $2,000 to open the account. Each year on her daughter's birthday, she makes another deposit that is 10% larger than the previous deposit. The account pays interest at 5% per year compounded annually. How much money is in the account immediately after the deposit on her daughter's 18^th birthday?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92062431

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