Question

You want to purchase a new car in 5 years and you anticipate the cost of the car to be $55,000. You are given an investment plan with a fixed APR of 6.2%, assuming that you make regular monthly deposits. How much should you deposit at the beginning of each month to reach your goal of $55,000 in 5 years? Round to the nearest cent.
a.
$787.23
c.
$785.62
b.
$786.65
d.
$780.23