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Increase the size of the deposits

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Suppose that you have just had your first baby and you wish to ensure that enough money will be available to pay for your child's college education. You decide to make deposits into an educational savings account on each of your daughter's birthdays, starting with her first birthday (the 365th day after her birth). Assume that the educational savings account will return a constant 7%. You deposit $2000 on your daughter's first birthday and plan to increase the size of the deposits by 5% each year. Assuming that you just made the deposit for your daughter's 18th birthday (365 days after her 17th birthday, or the 1st day of her 18th birthday), then the amount available for the daughter's college expenses on her 18th birthday is?

Reference no: EM131559852

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