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a) Mr. Clark makes a deposit at the beginning of every year into a savings account that earns interest at 7% compounded annually. He saves

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a) Mr. Clark makes a deposit at the beginning of every year into a savings account that earns interest at 7% compounded annually. He saves for nine years, then converts his savings into an annuity that pays him $2,900 at the beginning of every year for fifteen years. What is the size of the deposit he makes while he is saving? The size of the deposit is $! (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) b) For her daughter's education, Georgina Harcourt has invested an inheritance in a fund paying 3.1% compounded semi-annually. If ordinary annuity payments of $188 per month are to be made out of the fund for three years, how much was the inheritance? The inheritance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) c) To finance the development of a new product, a company borrowed $36,000 at 10% compounded monthly. If the loan is to be repaid in equal semi-annually payments over six years and the first payment is due six months after the date of the loan, what is the size of the semi-annual payment? The size of the semi-annual payment is $! (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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