SOLUTION: Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate ​$89000 in 14 ​
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Question 1085389: Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $89000 in 14 years
Found 2 solutions by jorel1380, MathTherapy:
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
Let's assume interest is compounded monthly. Then the equation we need is:
89000=PMTx[(1+(.05/12))^(14x12) -1] x[12/.05]
Then,solve for PMT
🙂🙂🙂🙂
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $89000 in 14 years
Monthly deposit:
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