Question
Use the savings plan formula to answer the following question. Your goal is to open a college fund for your child. Suppose you find a
Use the savings plan formula to answer the following question.
Your goal is to open a college fund for your child. Suppose you find a fund that offers an APR of 5 %. How much should you deposit monthly to accumulate $80,000
in 12 years?
You should invest $ ? each month
(Do not round until the final answer. Then round to two decimal places asneeded.)
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Financial Management Theory and Practice
Authors: Eugene F. Brigham, Michael C. Ehrhardt
16th edition
1337902608, 978-1337902601
