Account on the child 19 birthday

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Reference no: EM131806638

Bob and Mary Johnson are expecting their first child. They have decided to deposit $1000 into a savings account that pays 6% interest compounded annually on the day the child is born. They will then deposit $1000 on each birthday through the child's 18th birthday. How much money will be in the account on the child's 19th birthday to finance a college education?

Reference no: EM131806638

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