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  3. 7. (please, if you are not willing to answer the q

7. (Please, if you are not willing to answer the question completely, please leave the question to...

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Advance Math

7.

(Please, if you are not willing to answer the questioncompletely, please leave the question to someone who is!)

a. At the time of his daughter's birth, a man deposited $ 1,000in an account that pays 6%; this amount is set every birthday. Whenhe turned 12, he increased his appropriations to $ 1,500. Calculatethe amount that will be available to her at age 18.

b. José earned $ 4,000,000 from the Puerto Rican lotus and willreceive a check for $ 200,000 now and a similar one every year for19 years. To guarantee these payments, the Electronic Lotterybought an anticipated annuity at the 10% interest rate compoundedmonthly. How much did the electronic Lottery cost the annuity?

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