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14 August, 06:32

Suppose that a family wants to start a college fund for their child. If you invest in an account that pays 5.5% and want the fund to have a value of $53,000 after 18 years, how much should you deposit monthly? Assume an annuity due.

a.

$142.98

c.

$143.49

b.

$143.30

d.

$145.52

+2
Answers (1)
  1. 14 August, 08:15
    0
    Since The annuity the formula is

    Future Value = Payment • [ ((1 + I) n - 1) / I] (1+I)
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