Problem
Upon the birth of his first child, Dick Jones decided to establish a savings account to partly pay for his son's education. He plans to deposit $20 per month in the account, beginning when the boy is 13 months old. The savings and loan association has a current interest policy of 6% per annum, compounded monthly, paid quarterly. Assuming no change in the interest rate, how much will be in the savings account when Dick's son becomes 16 years old?
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.