The Garcias want to start saving for their newborn daughters college education. They want to save $50,000 by the time she turns 18 years. They set up an annuity (specifically a sinking fund) that earns 3 1/4% interest compounded monthly.

a. How much should be deposited each month?

b. What will be their total contribution to the account? c. How much interest will be earned?

9. (5 points) The Garcia's want to start saving for their newborn daughter's college education. They want to save $50,000 by the time she turns 18 years. They set up an annuity (specifically a sinking fund) that earns 34% interest compounded monthly. 4 a. How much should be deposited each month? b. What will be their total contribution to the account? c. How much interest will be earned? 9. (5 points) The Garcia's want to start saving for their newborn daughter's college education. They want to save $50,000 by the time she turns 18 years. They set up an annuity (specifically a sinking fund) that earns 34% interest compounded monthly 4 a. How much should be deposited each month? b. What will be their total contribution to the account? c. How much interest will be earned