Suppose that a young couple has just had their first baby andthey wish to insure that enough money will be available to pay fortheir child's college education. They decide to make deposits intoan educational savings account on each of their daughter'sbirthdays, starting with her first birthday. Assume that theeducational savings account will return a constant 9%. The parentsdeposit $2400 on their daughter's first birthday. After 10payments, they increase the annual amount to $4,000. Assuming thatthe parents have already made the deposit for their daughter's 18thbirthday, then how much will be available for the daughter'scollege expenses on her 18th birthday?