Q2.3: Abigail set up a savings fund for his son's education so that he would be able to withdraw $1,775 at the beginning of every month for the next 6 years. The fund earns 5.16% compounded quarterly....

Q2.3:Abigail set up a savings fund for his son's education so that he would be able to withdraw $1,775 at the beginning of every month for the next 6 years. The fund earns 5.16% compounded quarterly.

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

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

Kindly keep all the decimals for all the preocedures, DO NOT ROUND

Jun 04, 2022

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Q2.3: Abigail set up a savings fund for his son's education so that he would be able to withdraw $1,775 at the beginning of every month for the next 6 years. The fund earns 5.16% compounded quarterly....

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