Question
Adrianna's grandparents set up an account for her college fund. They will invest $7,000.00 paid at the end of each quarter for 18 years that
Adrianna's grandparents set up an account for her college fund. They will invest $7,000.00 paid at the end of each quarter for 18 years that has an interest rate of 5.9%, compounded quarterly. After 9 years the grandparents sold their business and made a lump sum deposit to the annuity of $51,000.00 in addition to the continuation of 9 years of regular deposits. a. How much is in the account at the end of the 18 years?_____ (Round to 2 decimal places.) b. How much was deposited into the annuity?_____ (Round to 2 decimal places.) c. Once the annuity matured, Adrianna decided to withdraw from the annuity quarterly payments for 5 years paid at the end of each quarter. If the interest rate did not change, what would the quarterly payment amount be?____ d. The quarterly payments are____ (Round to 2 decimal places.) e. What will the total amount that will be paid? _____ (Round to 2 decimal places.)
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