Lucy set up a savings fund for her son's education so that she would be able to withdraw $1,500 at the beginning of every month for the next 3 years. The fund earns 4.17% compounded quarterly.

a.What amount should she deposit today to allow for the $1,500 periodic withdrawals?

$44,831.76

$50,687.23

$50,862.76

$45,299.13

b.How much interest would she earn in this investment?

$50,862.76

$3,137.24

$54,000.00

$3,312.77