$3,250 is withdrawn at the end of every month from an account paying 4. 1% compounded monthly. Determine the previous value of the account, given that withdrawals are made from the account for 30 years. Round to the nearest cent. A. $1,170,000. 00 b. $2,304,150. 99 c. $674,899. 66 d. $672,601. 61.

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Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

$1,240 is the answer! ~ hope i !