Suppose that a family wants to start a college fund for their child. if they can get a rate of 5.2%, compounded monthly, and want the fund to have a value of $55,500 after 20 years, how much should they deposit monthly? assume an ordinary annuity and round to the nearest cent. a. $131.93 b. $2,662.49 c. $1,643.30 d. $3,446.64 select the best answer from the choices provided a b c d

Option (A)

Explanation:

We can compute the annuity using the following formula:

where;

P is the future value

r is the rate

A is the annuity payment

n represents number of years

Given:

P = $55,000

n = 20 years

r = 5.2%

Therefore;

A = 1624.82

This is referred to as the annual payment, therefore the monthly payment is given as = = $131.93

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