Written Homework #8 Sections 3.3 and 3.4 1. How much do you need to deposit into an account with 5.4% interest compounded monthly if you want to receive a monthly payment of S200 for the next 10 years A =P(1+2 2. A family is saving for their child's education. They want to have $80,000 eighteen years from now. a) How much do they need to deposit each month into an account earning 7.2% interest compounded monthly? Round your answer to the nearest cent b) What is the interest earned on the account? 3. If you deposit $250 each month into an individual retirement account (IRA) that earns 4.8% interest compounded monthly, a) How much will you have in the account 30 years from now? b) What is the interest earned on the account