2
QuizMultiple Choice

Annuities

Question 2 • Financial Math A

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.$131.93b.$2,662.49c.$1,643.30d.$3,446.64

Answer
A
A
B
B
C
C
D
D
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