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Quiz 2 3.59 16. 04. Mia is going to pay $100 into an account at the beginning of each of the next 40 years. At the beginning of the 41st year she buys a 30-year annuity, whose first payment comes at the end of the 41st year. The accounts earn 12%. How much will Mia receive as her first annuity payment? Round your answer to nearest $100. Select one: O a. $7,800 O b. $11,400 O c. $10,700 O d. $93,000 Ria has signed a contract to buy a house for $250,000, where she will pay a $30,000 down payment and take out a loan from the bank to cover the balance. HSBC currently offers the best rate in the market, which 5.7% per annum. HSBC expect Ria to return the money in exactly 30 years. What will Rita have to pay to HSBC at the end of the year, if she makes equal annual installments over the next 30 years? Round your answer to nearest $10. Select one: O a. $15,470 O b. $12,770 O c. $11,890 O d. $10,350 Cara has wonderful parents, who established a college savings plan for her when she was born. They deposited $500 into the account on the last day of each calendar year. The account has been earning 10%, compounded yearly, Now, Cara turned 18 and is about to resume her 4-year undergraduate degree at a prestigious university. What equal amount can Cara withdraw, beginning today, which falls on her 18th birthday, and each of the next 3 years to spend on her education? Assume that the account now earns 7% annually. Round your answer to the nearest dollar. Select one: O a. $8,285 O b. $6,291 O c. $9,486 O d. $8,865