Beginning in January, a person plans to deposit $100 at the end of each month into an account earning 9% compounded monthly. Each year taxes must be paid on the interest earned during that year. Find the interest earned during each year for the first 3 years.

a. $899.01 b. $694.58 c. $515.27 d. $506.73 WAMU recently offered an annuity that pays 8% compounded semiannually. What equal semiannual deposit should be made into this ordinary annuity in order to have $60,000 in 10 years?

a. $1,459 b. $2,485 c. $2,015 d. $1,769