Suppose you want your daughter's college fund to contain $125,000 after 14 years. I you can get an APR of 7.8%, compounded monthly, how much should you deposit at the end of each month?

Question

Mathematics

Kolten Waters

7 April, 15:08

Suppose you want your daughter's college fund to contain $125,000 after 14 years. I you can get an APR of 7.8%, compounded monthly, how much should you deposit at the end of each month?

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Answers (1)

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Angelique Burton · Answer 1

I'm not sure if this is correct but I think it might be 148.82

this is how I got my answer

1,908*7.8%=148.824 (put in the correct format it is 148.82)

148.82*12*14 = 25,001.76