Question 1037038

Your baby is born, and you want to make monthly payments into a college fund over the next 18 years. Your goal is to have $85,000 in the fund in 18 years. Assuming an APR of 5%, calculate how much you should deposit monthly?
<pre>Use formula for the PERIODIC PAYMENTS on the FUTURE VALUE of an annuity, or: {{{PMT = FV[oa]/(((1 + i/m)^(mt)- 1) * (m/i))}}}
This should give you: {{{highlight_green(matrix(1,1, "$243.41"))}}}