Suppose someone wants to accumulate $50,000 for a college fund over the next 15 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 $75 per month into an account with an APR of 6%.

Will the person meet the goal? Select the correct choice below and fill in the answer box to complete the choice.

(A) No, because the amount that will be in the college fund, $___, is less than the goal of $50,000

(B) Yes because the amount that will be in the college fund, $___, is more than the goal of $50,000