United, inc.'s unadjusted current assets section and equity section of its december 31, year 1, balance sheet are as follows: current assetscash & n bsp; & n bsp; $ 60,000investment in trading securities (including$300,000 of united, inc. common stock) 400,000trade accounts receivable 340,000inventories 148,000total 948,000equitycommon stock & nbsp; & nbsp; & nbsp; & nbsp; 2,224,000retained earnings (deficit) & nb sp; & nb sp; (224,000)total & nbsp; & nbsp; & nbsp; & nbsp; & nbsp; 2,000,000the investments and inventories are reported at their costs, which approximate fair values. in its year 1 statement of equity, united's total amount of equity at december 31, year 1, isa. $2,000,000b. $1,924,000c. $2,224,000d $1,700,000

John and daphne are saving for their daughter ellen's college education. ellen just turned 10 at (t = 0), and she will be entering college 8 years from now (at t = 8). college tuition and expenses at state u. are currently $14,500 a year, but they are expected to increase at a rate of 3.5% a year. ellen should graduate in 4 years--if she takes longer or wants to go to graduate school, she will be on her own. tuition and other costs will be due at the beginning of each school year (at t = 8, 9, 10, and 11).so far, john and daphne have accumulated $15,000 in their college savings account (at t = 0). their long-run financial plan is to add an additional $5,000 in each of the next 4 years (at t = 1, 2, 3, and 4). then they plan to make 3 equal annual contributions in each of the following years, t = 5, 6, and 7. they expect their investment account to earn 9%. how large must the annual payments at t = 5, 6, and 7 be to cover ellen's anticipated college costs? a. $1,965.21b. $2,068.64c. $2,177.51d. $2,292.12e. $2,412.76