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QuizMultiple Choice

Annuities

Question 1 • Financial Math A

Suppose that a family wants to start a college fund for their child. If they can get a rate of 5.5% , compounded monthly, and want the fund to have a value of $35,450 after 20 years, how much should they deposit monthly? Assume an ordinary annuity and round to the nearest cent.a.$81.38b.$80.01c.$11,829.97d.$11,776.00

Answer
A
A
B
B
C
C
D
D
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