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?
