(b) Amount paid out = 1000.00(114) = $114 000.00 — Pearson sets fund pay the end each month for years Interest compounded

Pearson sets up a fund to pay $1000 at the end of each month for 9.5 years. Interest on the fund is 3.9% compounded monthly.

(a) How much money must be deposited into the fund?

(b) How much will be paid out of the fund?

(c) How much interest is earned by the fund?