(7 points) Nanny Ogg has 15 children whose birthdays are exactly 24.5 days apart, evenly distributed over the year (starting on January 1). Nanny Ogg's magic savings account has a continuous compounding interest rate of 14%. Nanny Ogg would like to create a family trust to provide $1400 to each of her children on their respective birthdays every year. In this problem, we will find out how much money Nanny Ogg has to deposit to endow the family trust. a) Find the effective annual interest rate. Answer = 7.251 Click for a hint %. 15 b) Find the effective 1 -yearly interest rate. Answer = 0.468 %. c) Find the present value, as of January 1 of a given year, of the birthday gifts paid out that year. Answer = $ 4406506.36 Click for a hint d) Find how much money Nanny Ogg needs to endow the trust fund on January 1 of the year that the trust is established. Answer = $ 65179046.5 Click for a hint (7 points) Nanny Ogg has 15 children whose birthdays are exactly 24.5 days apart, evenly distributed over the year (starting on January 1). Nanny Ogg's magic savings account has a continuous compounding interest rate of 14%. Nanny Ogg would like to create a family trust to provide $1400 to each of her children on their respective birthdays every year. In this problem, we will find out how much money Nanny Ogg has to deposit to endow the family trust. a) Find the effective annual interest rate. Answer = 7.251 Click for a hint %. 15 b) Find the effective 1 -yearly interest rate. Answer = 0.468 %. c) Find the present value, as of January 1 of a given year, of the birthday gifts paid out that year. Answer = $ 4406506.36 Click for a hint d) Find how much money Nanny Ogg needs to endow the trust fund on January 1 of the year that the trust is established. Answer = $ 65179046.5 Click for a hint