Question

Parents of a baby girl are in a financial position to begin saving for her college education. They plan to have $100,000 in a college fund in 18 years by making regular, end-of-month deposits in an annuity that pays 9% compounded monthly.

How much should they deposit each month? Round up to the nearest dollar.

Answer 1

Each month they pay 8,333.33 so about 8,330

Answer 2

it says 187

Answer 3

so much?

Answer 4

now there's this one... Parents of a baby girl are in a financial position to begin saving for her college education. They plan to have $100,000 in a college fund in 18 years by making regular, end-of-month deposits in an annuity that pays 9% compounded monthly.

The necessary monthly deposit is $187. How much of the $100,000 college fund comes from interest?

Answer 5

lol in less than a yr u'll have that 100,000 depositing 8k

Answer 6

The answer is 2,060

Answer 7

59608

Answer 8

2000 x 12 = $24000 a yr therefore in 5yrs they would have that college fund payed for not 18.... beatles, try again :P

Answer 9

ok ill give it a shot