Effective january 2, 2014, Johan and Elise Raga must calculate the amount arising from the following three aternative for establishing a fund to be available for their daughter's estimated college expenese on December 31, 2014: 1.A single sum of 100,000 to be deposited o January 2, 2014, at a guaranteed annual rate of return of 6%.
2. A sum o 15,000 to be deposited every january 2nd, begining on January 2 2014, at an expected annual rate of 6%
3. A sum of ----------------to be deposited to be every December 31, beginning on December 31,2014, that will accumulate to a total of 235,000 on December 31, 2014, that will accumulate to a total of 235,000 on December 31, 2014, at an expected annual rate of 7%. Using the future value and present value tables, prepare a schedule that Mr. and Mrs Raga would provide to the First National Bank, in order t borrow the money they would need to fund whatever alternative they choose.