Question
1.Raymond set up a savings fund for his son's education so that he would be able to withdraw $1,750 at the beginning of every month
1.Raymond set up a savings fund for his son's education so that he would be able to withdraw $1,750 at the beginning of every month for the next 10 years. The fund earns 3.81% compounded quarterly.
a. What amount should he deposit today to allow for the $1,750 periodic withdrawals?
$124,825.90
$174,497.91
$175,050.19
$126,014.87
b. How much interest would he earn in this investment?
$175,050.19
$34,949.81
$210,000.00
$35,502.09
2. How much should Jessica have in a savings account that is earning 3.25% compounded quarterly, if he plans to withdraw $2,350 from this account at the end of every quarter for 9 years?
Round to the nearest cent
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