Question $12(0\mathrm{.}5$ points$)$

The parents of a newborn decide to make deposits into an educational savings

account on each of their daughter's birthdays, starting with her first birthday.

Assume that the educational savings account will return a constant $5\mathrm{.}0\%$ per year.

The parents plan to deposit $$2,800$ on every of their daughter's future birthdays.

How much money could they alternatively deposit on their daughter's birth date

$($today$)$ to have the same amount available on her $18$th birthday?

Instructions: Round the result to two decimal places and do not put the $"$$$"$ symbol in

the answer box. For example if you get a result of $$28,673\mathrm{.}42137$ then write

$28,673\mathrm{.}42$ in the answer box below.

Your Answer:

Answer