3. A fund of $1750 is to be accumulated by means of level deposits of $100 to be made at the end of each year for as long as necessary. If this fund earns an effective rate of interest of 7% per annum: (a) How many level deposits of $100 will be necessary and what would be the size of the balloon payment to be made at the time of the last level payment? (b) What would the size of the drop payment that would have to be made one year after the last level payment? (c) What would be the size of the drop payment that would have to be made three months after the last level payment