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

well remember the formula of compound interest is principal(rate+1)^time