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MATHEMATICS OF BUSINESS AND FINANCE QUESTION. Erica set up a savings fund for her son's education so that she would be able to withdraw $1,550

MATHEMATICS OF BUSINESS AND FINANCE

QUESTION. Erica set up a savings fund for her son's education so that she would be able to withdraw $1,550 at the beginning of every month for the next 7 years. The fund earns 3.72% compounded quarterly.

A. What amount should she deposit today to allow for the $1,550 periodic withdrawals?

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

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