Walter deposits a fixed monthly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $85,000 in 18 years. Assuming an APR of 3.4% compounded monthly, how much of the $85,000 will Walter ultimately deposit in the account, and how much is interest earned?
a) Deposit: $49,225.69, Interest: $35,774.31
b) Deposit: $48,225.69, Interest: $36,774.31
c) Deposit: $49,225.69, Interest: $36,774.31
d) Deposit: $48,225.69, Interest: $35,774.31
