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An annuity lasts 15 years and has one annual payment at the end of each year (15 payments total). The first payment occurs on 12/31/2022
An annuity lasts 15 years and has one annual payment at the end of each year (15 payments total). The first payment occurs on 12/31/2022 and is $25,000. Each successive payment increases by 3.50%. The payments of this annuity are structured such that Ethan receives the first 10 payments and Amanda receives the last 5 payments. If i(4)=.064, find the present value of Amanda's payments at 1/1/2022 (one year before the first annuity payment of $25,000, which Ethan receives). Emily has been accepted to MIT. Emily received a scholarship which will pay full tuition in 2022, but then Emily will need to make 3 payments of $65,000 for tuition and other fees at MIT, payable at 12/31 in 2023, 2024 and 2025. In January 2016, Emily's family started making a fixed monthly deposit (made at the end of every month) into a college fund that that earns 6.0% interest convertible quarterly. The first monthly deposit was made on 1/31/2016. Emily's family has been making monthly deposits of $X at the end of every month since 2016 and will continue to make the monthly deposits through the end of 2025. The last monthly deposit will be made on 12/31/2025. Emily's family will withdraw $65,000 from the college fund on 12/31 in 2023, 2024 and 2025 . After the last withdrawal on 12/31/2025, the college fund will be exhausted. Calculate X, the amount of the monthly deposit
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