Question: Please could you help me understand the steps to figuring out this problem? With a clear explanation of how to achieve the answers for this

Please could you help me understand the steps to figuring out this problem? With a clear explanation of how to achieve the answers for this problem. Thank you.

Please could you help me understand the steps to
Use the following problem to answer questions 7 and 8. Parents would like to have the funds for their child to have an allowance in college for 4 years. They want him to be able to withdraw $500 each month. How much should they deposit into an account earning 1.35% per year compounded monthly. 7. Identify the type of problem. a. Future Value with compound interest b. Present Value with compound interest c. Future Value of an Annuity d. Present Value of an Annuity e. Future Value with simple interest 8. Answer the question in the problem. a. $23,350.73 b. $17,579.13 c. $24,000.00 d. $24,645.59 e. $33,460.90

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