Problem
Bob and Mary Johnson are expecting their first child. They have decided to deposit $1000 into a savings account that pays 6% interest compounded annually on the day the child is born. They will then deposit $1000 on each birthday through the child's 18th birthday. How much money will be in the account on the child's 19th birthday to finance a college education?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.