Question: QUESTION 1 A student saved $3,000 per year from 1986 to 2001 (15 years) in an account with 10% interest. He stopped depositing money after

QUESTION 1 A student saved $3,000 per year from

QUESTION 1 A student saved $3,000 per year from 1986 to 2001 (15 years) in an account with 10% interest. He stopped depositing money after year 2001, but the money was kept in the same account earning interest. In 2007 he withdrew $12,000 for down payment toward purchase of a new house. In 2012 he received an inheritance as a single payment of $20,000, which he deposited in the same account. What is the current balance of the account (2021)

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