Julian has been secretly depositing $500 in his savings account (earning five percent) every Christmas starting when he was 16 years old. Next year, he wants to surprise his girlfriend with a diamond ring for Christmas. Julian will be 36 and has finally found a girlfriend of which his mother approves. Julian’s savings account is compounded annually. How much will Julian be able to spend on the ring after his $500 contribution this year?
+42 
