The Patchmans have decided to invest in a college fund for their young son. They invested $40,000 in a deferred annuity that will pay their son at the beginning of every month for 4 years, while he goes to college. If the account earns 3.50% compounded monthly and the annuity payments are deferred for 13 years, what will be the size of the monthly payments? Round to the nearest cent How much would a business have to invest in a fund to receive $10,000 at the end of every month for 5 years? The fund has an interest rate of 4.75% compounded monthly and the first withdrawal is to be made in 3 years and 1 month. Round to the nearest cent Lionel invested his savings in a bank at 3.25% compounded quarterly. How much money did he invest to enable withdrawals of $2,500 at the beginning of every 6 months from the investment for 6 years, if the first withdrawal is to be made in 9 years? Round to the nearest cent If the market value of a telecommunications share is $275.80, calculate the year-end dividends that it should be able to pay in perpetuity if money is worth 4.00% compounded semi-annually. Round to the nearest cent Helen set up a fund that would pay her family $3,000 at the beginning of every month, in perpetuity. What was the size of the investment in the fund if it was earning 3.00% compounded semi-annually? Round to the nearest cent