College Savings Account Sisters, Rita & Rhoda Booke, wish to use their inheritance to set up an annual account for a scholarship honoring their parents, Tex & Fayse Booke, that will pay $350 per month to a SPC student of financial need for 4 years. a) How much should they deposit now at 9% interest compounded monthly to establish this annuity? b. ) How much will the student receive in the 4 years? NOTE: There are multiple answers to this problem The student will receive in 4 years $16.800 The present value deposit should be $145,513.67 The student will receive in 4 years $145,513.67 The present value deposit should be $20,132 25 The present value deposit should be $14,064.67 The student will receive in 4 years $20.132.25 None of the answers for what the student will receive in 4 years in this sample of answers is correct None of the answers for present value deposit in this sample of answers is correct