Question: Steve Jones has decided to start saving for his Grandson's college education by depositing $2,400 at the end of every year for 12 years. A

Steve Jones has decided to start saving for his Grandson's college education by depositing $2,400 at the end of every year for 12 years. A bank has agreed to pay interest at the rate of 5% compounded annually.

Use the appropriate present or future value table:

FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1

How much will Steve have in the bank immediately after his 12th deposit? Round your answer to the nearest dollar. Use the full factor when calculating your results.

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