Grandma Victoria wants to help Antonio while he's in college by giving him a $170 monthly allowance sent at the start of the month for 5 years of college.  She has set up an account that earns 3% interest compounded monthly to do this. Round answers to 2 decimal places.

 a.) How much must be in the account for Antonio to receive the $170 payments for 5 years?

b.) If Grandma Victoria began making deposits (at the end of the month) into the account 10 years ago, how much would the monthly deposits have been?

Answer rating: 100% (QA)

a Calculating the Initial Amount The future value of a series of equal payments can be calculated us... View the full answer