The parents of a one-year-old boy plan to invest for his college education. Their target is that when he is 18 years old, the fund should have the amount of $75,000. (a) If the interest is at the annual rate of 4.6%, compounded monthly, then the initial amount needed to set up the fund now is $ X .
(b) If the interest is at the annual rate of 6.7%, compounded monthly, then the initial amount needed to set up the fund now is $
(c) If the interest is at the annual rate of 9.3%, compounded continuously, then the initial amount needed to set up the fund now is $ X .