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37 votes
Suppose that a family wants to start a college fund for their child. if they can get a rate of 5.2%, compounded monthly, and want the fund to have a value of $55,500 after 20 years, how much should they deposit monthly? assume an ordinary annuity and round to the nearest cent. a. $131.93 b. $2,662.49 c. $1,643.30 d. $3,446.64 please select the best answer from the choices provided a b c d

User MofX
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2 Answers

18 votes
18 votes

Answer:

A

Explanation:

edge

User Dmitry Mottl
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21 votes
21 votes

Answer:

a. $131.93

Explanation:

User Rabid Penguin
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