Question: Question 1 10 points Save Answer Mr. & Mrs. Smith would like to establish a college fund for their new baby boy. They deposit $350

Question 1 10 points Save Answer Mr. & Mrs. Smith would like to establish a college fund for their new baby boy. They deposit $350 at the end of each month for 15 years. Use tables or formulas. The formula is Amount of annuity = PMT( (1 + 1)" - 1 ) a) How much money will be available to them in 15 years if the bank will pay interest at 18% compounded monthly? Make sure to specify the periodic interest rate as well as the number of periods. b) How much money will be available to them in 15 years if the deposits were made at the beginning of each month at a rate of 18% compounded monthly? Make sure to specify the periodic interest rate as well as the number of periods. NOTE: If you are unable to use the tables, you can use the formulas given to you in the Module 4 folder, under Chapter 11, section 11.1 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial V 10pt V Ev A E E E E X2 X2 - + v V X (> IT 2

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