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 ​
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> 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 ​
Log On
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
🙂🙂🙂🙂
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
