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Suppose an individual makes an initial investment of $2500 in an account that earns 8.4^, compounded monthly, and makes additional contributions of $100 at the

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Suppose an individual makes an initial investment of $2500 in an account that earns 8.4^, compounded monthly, and makes additional contributions of $100 at the end month for a period of 12 years. After these 12 years, this individual wants to make withdrawals at the end of each month for the next 5 years (so that the account balance will be reduced to $0). (Round your answers to the nearest cent.) (a) How much is in the account after the last deposit is made? b) How much was deposited? (c) What is the amount of each withdrawal? (d) What is the total amount withdrawn? A young couple wants to have a college fund that will pay $40,000 at the end of each half-year for 8 years. (a) If they can invest at 9%, compounded semiannually, how much do they need to invest at the end of each 6-month period for the next 19 years in order to begin making their college withdrawals 6 months after their last investment? (Round your answer to the nearest cent.) b) Suppose 8 years after beginning the annuity payment, they receive an inheritance of $30,000 that they contribute to the account, and they continue to make their regular payments as found in part (a). How many college withdrawals will they be able to make before the account balance is $0? (Round your answer to the nearest whole number.)

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