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How much interest is earned during the last year? Tom and Sandy have set up a sinking fund in order to have $21,000.00 in 5

image text in transcribedHow much interest is earned during the last year?

Tom and Sandy have set up a sinking fund in order to have $21,000.00 in 5 years for their child's college education. How much should be paid monthly into an ordinary annuity earning 7.46% compounded monthly so that they reach their goal? How much interest is earned during the last year? (Note: Your answer is a dollar amount and should include a dollar sign)

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