Abe is contemplating a college fund for his two children and would like to accumulate $100,00 in this fund In the upcoming 14 years. Abe would open the account today with a deposit of $4,000. He is looking at a fund that uses an interest rate of 1.5% nominal annual rate with monthly compounding.
a. How much would Abe have to deposit annually?
b. How much would Abe have to deposit Quarterly?
c. How much would Abe have to deposit Monthly?