Question: Annuity Steve Jones has decided to start saving for his sons college education by depositing $2,000 at the end of every year for 15 years.

Steve Jones has decided to start saving for his son’s college education by depositing $2,000 at the end of every year for 15 years. A bank has agreed to pay interest at the rate of 4% compounded annually. How much will Steve have in the bank immediately after his 15th deposit?

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