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1)A couple decides to save money for their child's first-year college tuition

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1)A couple decides to save money for their child's first-year college tuition. The parents will deposit 30,000 after n months from today and another 50,000 after 2n months from today.

All deposits earn interest at a nominal annual rate of 3.9%, compounded monthly.

Calculate the maximum integral value of n such that the parents will have accumulated at least 90,000 after 3n months from today.

a) 26

b) 29

c) 32

d) 35

e) 40

2) An annuity pays $1800 per quarter for 55 years with the first payment on April 1, 2017. Given an annual nominal rate of interest of 3.6% compounded quarterly, find the PV of this annuity on 1/1/2017