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Suppose someone wants to accumulate $ 4 5 , 0 0 0 for a college fund over the next 1 5 years. Determine whether the
Suppose someone wants to accumulate $ for a college fund over the next years. Determine whether the following investment plans will allow the person to reach the goal Assume the compounding and payment periods are the same.
The person deposits $ per month into an account with an APR of
Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice
Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed
A No because the amount that will be in the college fund, $ is less than the goal of $
B Yes, because the amount that will be in the college fund, $ is more than the goal of $
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