@ Try Again Your answer is incorrect. Chau has always dreamed of opening a caf by the seaside. He decides he will save to help open the cafe by depositing money in an ordinary annuity_ that earns 6.6% interest, compounded quarterly. Deposits will be made at the end of each quarter. How much money will he need to deposit into the annuity each quarter for the annuity to have a total value of $25,000 after 7 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. $1 X s 1:1)\" P= principal A =P (1 +rt) I= simple interest n! r A =P 1 + n = annual interest rate rt l A =Pe . - - t= time or term of investment or loan (in years) in: I" M 1+ ; '1 A = future value or amount accumulated A = r g n = number of times interest is compounded per year r e= Euler's number P _ M 12 _ 12: 1 1 + L M: installment payment or monthly payment 12 n Y: effective annual interest rate or effective annual yield r Y: 1 + 1 n @ Let's Take a Break Your answer is incorrect. Chau has always dreamed of opening a caf by the seaside. He decides he will save to help open the caf by depositing money in an ordinary annuity that earns 6.6% interest, compounded quarterly. Deposits will be made at the end of each quarter. How much money will he need to deposit into the annuity each quarter for the annuity to have a total value of $25,000 after 7 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. $6852.94 x s Correct Answer: $709.65 To help out with her retirement savings, Kaitlin invests in an ordinary annuity_ that earns 3.6% interest, compounded monthly. Payments will be made at the end of each month. How much money does she need to pay into the annuity each month for the annuity to have a total value of $98,000 after 17 years? Do not round intermediate computations, and round your nal answer to the nearest cent. If necessary, refer to the list of financial formulas. $D x E)