Question: Solve the problem. Mark and Kate are establishing a fund for their son's college education. What lump sum must they deposit in an account that

Solve the problem. Mark and Kate are establishing a fund for their son's college education. What lump sum must they deposit in an account that gives 7% annual interest rate compounded monthly, in order for them to have $70,000 in the fund at the end of 10 years? A) $39, 407.74 B) $34, 831.74 C) $37, 151.74 D)$36, 131.74 Find the future value of the ordinary annuity. Interest is compounded annually, unless otherwise indicated. R = $2500, i = 2% interest compounded quarterly for 16 years. A) $184, 592.12 B) $188, 01 15.08 C) $168, 233.54 D) $688, 015.08

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