Question: When your first child is born, you begin to save for college by depositing $300 per month in an account paying 12% interest per year.

When your first child is born, you begin to save for

When your first child is born, you begin to save for college by depositing $300 per month in an account paying 12% interest per year. You increase the amount you save by 2% per year. With continuous investment and compounding, how much will have accumulated in the account by the time your child enters college 18 years later? (Round your answer to the nearest cent.)

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