(Answered) Your first child is due next month and your parents have

Finance

Your first child is due next month and your parents have told you that they are going to open an account with $3,000 on the day your child is born. The money is to be used for college.

You plan to also put $1,500 of your own money into the same account on the day your child is born, and then another $1,500 into the account each year on your child's birthday, through his/her 18th birthday.

If the account averages an 8% annual return, what will the account balance be on your child's 18th birthday?

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