7. You intend to invest in a CD to pay for your baby to go to college. If you can get an interest
rate of 5.5% compounded monthly and want the fund to have a value of $125,000 after 18 years,
how much should you invest?
a. $123,000.00
b. $10,312.50
c. $30,477.19
d. $46,552.26