12. [-/2 Points] DETAILS HARMATHAP12 6.3.025. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER How much must be invested at the beginning of each year at 12%, compounded annually, to pay off a debt of $60,000 in 5 years? (a) State whether the problem relates to an ordinary annuity or an annuity due. O ordinary annuity O annuity due (b) Solve the problem. (Round your answer to the nearest cent.) $1 Need Help? Read It 13. [-/2 Points] DETAILS HARMATHAP12 6.3.027.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A family wants to have a $160,000 college fund for their children at the end of 20 years. What contribution must be made at the end of each quarter if their investment pays 7.4%, compounded quarterly? (a) State whether the problem relates to an ordinary annuity or an annuity due. O ordinary annuity O annuity due (b) Solve the problem. (Round your answer to the nearest cent.) Need Help? Read It Master It 14. [-/1 Points] DETAILS HARMATHAP12 6.3.041. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Suppose a recent college graduate's first job allows her to deposit $250 at the end of each month in a savings plan that earns 12%, compounded monthly. This savings plan continues for 8 years before new obligations make it impossible to continue. If the accrued amount remains in the plan for the next 15 years without deposits or withdrawals, how much money will be in the account 23 years after the plan began? (Round your answer to the nearest cent.) $ Need Help? Read It