1) A trust fund is set up to make payments of $1500.00 at the end of each quarter for twenty years. Interest on the fund is 7% compounded quarterly.

(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?

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

2) Having earned a bonus at his work, Rick placed the money in an investment earning 6.19% compounded monthly. He withdrew $341 at the end of every month for the next 7 years.

(a) What was the amount of the bonus?

(b) If he made all of the withdrawals as planned, how much interest was paid?

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

3) How long will it take to save $1321.00 by making deposits of $148.00 at the end of every three months into an account earning interest at 7%

compounded quarterly? State your answer in years and months (from 0 to 11 months).