Mathematics, 24.07.2019 05:00 lovelyheart5337
Suppose that a family wants to start a college fund for their child. if they can get a rate of 7.5%, compounded monthly, and want the fund to have a value of $75,000 after 18 years, how much should they deposit monthly? assume an ordinary annuity and round to the nearest cent. a. $164.98 b.$165.30 c.$166.21 d.$167.52
Answers: 2
![Amount=Principal(1 +\frac{R}{12 \times100})^{Time}\\\\ 75,000 =P[1 +\frac{7.5}{1200}]^{216}\\\\75,000=P(\frac{1207.5}{1200})^{216}\\\\75,000=P(1.00625)^{216}\\\\P=\frac{75,000}{3.84125}\\\\P=19526.1650](/tpl/images/0967/5397/4908c.png)
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Suppose that a family wants to start a college fund for their child. if they can get a rate of 7.5%,...
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