Mathematics, 14.12.2021 21:40 joellianamikhai3123
Suppose that a family wants to start a college fund for their child. If they can get a rate of 5.5% , compounded monthly,
and want the fund to have a value of $35,450 after 20 years, how much should they deposit monthly? Assume an
ordinary annuity and round to the nearest cent.
a. $81.38
b. $80.01
c. $11,829.97
d. $11,776.00
Answers: 1
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