Solve the problem. Round to the nearest cent. You intend to create a college fund for your baby. If you can get an interest rate of 5.3% compounded monthly and want the fund to have a value of $123,875 after 17 years, how much should you deposit each month?
A. $375.46

B. $413.01

C. $319.14

D. $7032.70

Question

Solve the problem. Round to the nearest cent. You intend to create a college fund for your baby. If you can get an interest rate of 5.3% compounded monthly and want the fund to have a value of $123,875 after 17 years, how much should you deposit each month? 
 A. $375.46  
 
 B. $413.01  
 
 C. $319.14  
 
 D. $7032.70

anonymous · Answer

What is the future value annuity formula? I don't remember, but sub your givens in there.

anonymous · Answer

17*12* (those answer choices) do it till you find the correct answer.

anonymous · Answer

lol the above answer is wrong, don't do that.

anonymous · Answer

Yeah he's right. 17*12 * one of those answers times .053

anonymous · Answer

Still wrong, I have no idea where you are getting those numbers from.

anonymous · Answer

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