Suppose that a family wants to start a college fund for their child. If they can get a rate of 5.2%, compounded monthly, and
want the fund to have a value of $55,500 after 20 years, how much should they deposit monthly? Assume an ordinary annuity
and round to the nearest cent.
a $131.93
b. $2,662.49
c. $1,643.30
d. $3.446.64
Please select the best answer from the choices provided