Mathematics, 26.09.2019 16:50 coopera1744
At your child's birth, you begin contributing monthly to a college fund. the fund pays an apr of 4.8% compounded monthly. you figure your child will need $40,000 at age 18 to begin college. what monthly deposit is required? (round your answer to the nearest cent.)
Answers: 1
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\ A=d\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right] \\\\\\ \qquad \begin{cases} A= \begin{array}{llll} \textit{compounded amount} \end{array}\to & \begin{array}{llll} 40,000 \end{array}\\ d=\textit{periodic deposits}\\ r=rate\to 4.8\%\to \frac{4.8}{100}\to &0.048\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{is monthly, thus 12} \end{array}\to &12\\ t=years\to &18 \end{cases}](/tpl/images/0265/1525/c9209.png)
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