9
QuizMultiple Choice

Annuities

Question 9 • Financial Math A

Suppose that a family wants to start a college fund for their child. If they can get a rate of 7.5%, compounded monthly, and want the fund to have a value of $75,000 after 18 years, how much should they deposit monthly? Assume an ordinary annuity and round to the nearest cent.a.$164.98b.$165.30c.$166.21d.$167.52

Answer
A
A
B
B
C
C
D
D
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