3. Joseph lives in Washington, NC and attends East Carolina University. In state tuition at
E. C.U is approximately $7,000 per year and out-of-state tuition is approximately $23,500 per
year. Joseph took out a student loan for $15,000 to pay for the first two years of college.
Joseph's grades were exceptional and he was awarded a full scholarship after his first two
years and he did not incur any additional student debt. The rate on the student debt is 4.5%
interest compounded annually. He does not have to start making payments until he graduates
in four years. After graduating, Joseph decided to go to graduate school to earn a master's
degree. This took two additional years. After finally graduating after six years, he then started
making payments on his loan. What will be the beginning balance on this account once he
finally graduates with his master's degree?