have $50,000 for her college in 18 years. If the account earns 5% compounded monthly. How much will you need to deposit now to reach your goal? Round to the nearest dollar

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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You just had a child. You would like to have $50,000 for her college in 18 years. If the account earns 5% compounded monthly. How much will you need to deposit now to reach your goal? Round to the nearest dollar.

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