3.

a)

b)

Victoria invested her savings in a bank at 2.75% compounded monthly. How much money did she invest to enable withdrawals of $3,000 at the beginning of every 6 months from the investment for 8 years, if the first withdrawal is to be made in 12 years? Round to the nearest cent How much would a business have to invest in a fund to receive $13,000 at the end of every month for 5 years? The fund has an interest rate of 5.50% compounded monthly and the first withdrawal is to be made in 3 years and 1 month. Round to the nearest cent