Pearson sets up a fund to pay $1000 at the end of each month for 9.5 years.

Question:

Pearson sets up a fund to pay $1000 at the end of each month for 9.5 years. Interest on the fund is 3.9% compounded monthly.
(a) How much money must be deposited into the fund?
(b) How much will be paid out of the fund?
(c) How much interest is earned by the fund?

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