John is saving for his son’s college education. If the savings account earns 3% interest compounded monthly, and he wants to have $60,000 in 10 years, what must the principal be?

1. according to the internal revenue service, the mean tax refund for the year 2007 was $2,708. assume the standard deviation is $650 and that the amounts refunded follow a normal probability distribution. a. what percent of the refunds are more than $3,000? b. what percent of the refunds are more than $3,000 but less than $4,000? c. what percent of the refunds are less than $2,000?