J. Doe is turning 40 years old today and plans to retire in his 65h birthday. He starts making quarterly deposits (starting on the day of his 40“birthday) into an account that pays 6% compиnded monthly. Не plans to withdraw $25000 аппиally from the account beginning on his 65h birthday until his 75th birthday. (Note that the last deposit is made at the same time that the first withdrawal) What is the effective interest rate for the withdrawals? (a) 6.17% (b) 1.51% (c) 6.00% (d) 0.50% What is the present worth (at J.Doe's 40th birthday) of the withdrawals? (a) $40885 (b) $46484 (c) $49382 (d) $207548

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