You plan to start saving for your son’s college education. He will begin college when he turns 18 years old and will need $4,000 then and in each of the following three years. You will make a deposit at the end of this year in an account that pays 6 % compounded annually, and an identical deposit at the end of each year, with the last deposit occurring when he turns 18. If an annual deposit of $1,484 will allow you to reach your goal, how old is your son now?
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