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What amount should she deposit today to allow

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Sophie set up a savings fund for her son's education so that she would be able to withdraw $1,775 at the beginning of every month for the next 4 years. The fund earns 4.08% compounded quarterly.

a. What amount should she deposit today to allow for the $1,775 periodic withdrawals?

  • $67,103.11
  • $78,509.62
  • $78,775.65
  • $67,787.57

b. How much interest would she earn in this investment?

  • $78,775.65
  • $6,424.35
  • $85,200.00
  • $6,690.38

Reference no: EM132576686

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