An educational saving account is created. The account is set up such that the beneficiary will receive all money in the account (principal as well as all accrued interest) after 16 years from the present. Payments into this account are made by depositing dollar 4, 500 to this account every 6 months. The first payment to this account will be made now. If the interest rate for this educational saving account is 1.75 percentage compounded monthly, calculate the amount which will be cashed from this account by the beneficiary after 16 years. Please create a cash flow diagram of the savings amounts showing clearly your calculation steps. Please also note that the given interest rate is nominal annual NOT every six months.