Question

James deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $⁢60,000 in 17 years. Assuming an APR of 3.7%, how much of the $⁢60,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary.

Amount James will deposit: $

Interest earned: $

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