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Andrew deposits $1102.32 each quarter into an annuity account for his child's college fund in order to accumulate a future value of $65,000 in 12 years. How much of the $65,000 will Andrew ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.

Andrew deposits $1102.32 each quarter into an annuity account for his child's college fund in order to accumulate a future value of $65,000 in 12 years. How much of the $65,000 will Andrew ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 20E
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Question 17- Andrew deposits $1102.32 each quarter into an annuity account for his child's college fund in order to accumulate a future value of $65,000 in 12 years. How much of the $65,000 will Andrew ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Amount Andrew will deposit: S Interest earned: $
Transcribed Image Text:Question 17- Andrew deposits $1102.32 each quarter into an annuity account for his child's college fund in order to accumulate a future value of $65,000 in 12 years. How much of the $65,000 will Andrew ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Amount Andrew will deposit: S Interest earned: $
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