please answer no.7 only

6. Marta just received a raise at work. She decides to use her new income to start a savings account. There are only two banks in her small town. The first bank in offering 3.2% nominal annual interest, compounded continuously. The second bank is offering 35% nominal annual interest, compounded quarterly Marta has heard a lot about the benefits of continuous compounding, so she decides to deposit in the first bank. Did she make the right decision? 7. A couple is planning to finance their 5-year old daughter's college education. They established a college fund that earns 15% compounded semi-annually. What anual deposit must be made from the daughter's 5th birthday now to her 16th birthday to meet the future college expenses shown in the table. Assume that today is her Sch binhday. Birthday Deposit Withdraw 3-16 A 18 $ 25000 19 $ 27000 20 $ 29 000 21 531000 8. The yearly rent of an advertisement space at EDSA is PHP 180 000 payable in advance. At 5% compounded quarterly, what are the present value and the amount of the rental for a term of 10 years