Problem:
After receiving an inheritance of $25,000 on her 21st birthday, Ayn deposited the inheritance in a savings account with an effective annual interest rate of 6%. She decided to make regular deposits, beginning with $1000 on her 22nd birthday and increasing by $200 each year (i.e., $1200 on her 23 rd birth-day, $1400 on her 24th birthday, etc.).
Required:
Question: What was the future worth of Ayn's deposits on her 56th birthday?
Note: Provide support for rationale.