Name: Date: MAT 1460- Homework Section 5.3 Support your answer by showing your work. 1. Sylvia is planning to deposit $100 at the end of each month into her daughter's college fund. If the account pays 3.6% annual interest compounded monthly, how much will be in the account in 15 years? How much of that will be interest? Round both answers to the nearest cent. 2. A company needs to set up a sinking fund to pay off a $1,000,000 lawsuit in 5 years. Assuming that the fund earns 6% annual interest compounded quarterly, what should be the end of the quarter payments? Round your answer to the nearest dollar. 3. Jennifer is able to invest $50 at the beginning of each month towards a car in 5 years. If the account pays 4.2% annual interest compounded monthly. How much will be in the account? How much of that was interest? Round your answers to the nearest cent