upon the birth of his first child, Tony 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...

upon the birth of his first child, Tony 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.

assuming no change in the interest rate, how much will be the savings account when Tony's son becomes 16 years old?