Use the savings plan formula to answer the following question. Your goal is to start a college
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Question:
Use the savings plan formula to answer the following question.
Your goal is to start 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 $81,000 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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