Suppose you want your daughter's college fund to contain $100,000 after twelve years. If you can...

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Suppose you want your daughter's college fund to contain $100,000 after twelve years. If you can...

Suppose you want your daughter's college fund to contain $100,000 after twelve years. If you can get a fixed APR of 6.7% compounded monthly, how many dollars should you deposit at the end of each month? Round answer to the nearest dollar.

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Answer 1

Answer #1

Future Value = $100,000

Time Period = 12 years

Interest Rate = 6.7%

Calculating Monthly Deposit,

Using TVM Calculation,

PMT = [PV = 0, FV = 100,000, N = 144, I = 0.067/12]

PMT = $454.13

Monthly Deposit = $454

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Answer 2

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Suppose you want your daughter's college fund to contain $100,000 after twelve years. If you can...

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Suppose that you want to have a $100,000 retirement fund after 30 years. How much will...

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Add Answer to: Suppose you want your daughter's college fund to contain $100,000 after twelve years. If you can...

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