Question: when your first child is born you begin to save for college by depositing $700 per month in an accouunt paying 12% interest per year.

when your first child is born you begin to save for college by depositing $700 per month in an accouunt paying 12% interest per year. You increase the amount you save by 1%per year. With continuous investment and compunding, how much will you have accumulated in the account by the time your child enters college 18 years later? Please show process.

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