Your younger sister is just starting high school, and 5 years from today she should be entering college. Your father plans to start a college fund for her, beginning today. He will invest $5,000 per year in a mutual fund, beginning today, and he expects to earn an annual return of 8%. What is the expected value of the college fund when your sister enters college?

Group of answer choices

$31,422.37

$29,160.55

$30,655.97

$28,431.54

$31,679.65

Suppose your rich uncle gave you $60,000, which you plan to use for graduate school. You will make the investment now, you expect to earn an annual return of 5%, and you will make 4 equal annual withdrawals, beginning 1 year from today. Under these conditions, how large would each withdrawal be so there would be no funds remaining in the account after the 4th withdrawal?

Group of answer choices

$14,832.46

$14,078.83

$15,408.33

$16,767.58

$16,920.71