23. Lucy and Fred want to begin saving for their baby's college education. They estimate that they will need $120,000 in eighteen years. If they are able to earn 5% per annum, how much must be deposited at the end of each of the next eighteen years to fund the education?

a. $4,648. b. $10,266. c. $9,929. d. $4,266.

24. Hiller Corporation makes an investment today (January 1, 2020). They will receive $75,000 every December 31st for the next six years (2020 2025). If Hiller wants to earn 12% on the investment, what is the most they should invest on January 1, 2020?

a. $308,356. b. $345,358. c. $698,640. d. $681,675.

40. In preparing its August 31, 2020 bank reconciliation, Bing Corp. has available the following information:

Cash account balance, 8/31/20 27,250

Balance per bank statement, 8/31/20 25,650

Deposit in transit, 8/31/20 3,900

Interest Earned 250 Return of customer's check for insufficient funds, 8/30/20 600

Outstanding checks, 8/31/20 2,750

Bank service charges for August 100

Certified Checks written 1,500 At August 31, 2020,

Bing's correct cash balance is a. $28,300. b. $26,200. c. $26,800. d . $24,500