years. They want him to be able to withdraw $250 each month. How much should they
deposit into an account earning 3.5% per year compounded monthly.
3. Identify the type of problem.
a. Future Value with compound interest
b. Present Value with compound interest
c. Future Value of an Annuity
d. Present Value of an Annuity
e. Future Value with simple interest
4. Answer the question in the problem.
a. $13,742.50
b. $13,200.10
c. $14,470.19
d. $12,850.57
e. $15,021.54
