Suppose someone wants to accumulate $65,000 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 $200 per month into an account with an APR of 8%.

Will the person meet thegoal? 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 asneeded.)

A.

Yes, because the amount that will be in the collegefund, $ , is more than the goal of $65,000.

B.

No, because the amount that will be in the collegefund, $ , is less than the goal of $65,000.