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You want to receive $650 at the end of each month for 5 years. Interest...

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Finance

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You want to receive $650 at the end of each month for 5 years. Interest is 8.7% compounded monthly. (a) How much would you have to deposit at the beginning of the 5-year period? (b) How much of what you receive will be interest? (a) The deposit is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal plac as needed.) (b) The interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal plac as needed.)

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