Mathematics, 20.03.2020 08:08 cvvalle15
Suppose you want your daughters college fund to contain $125,000 after 14 years. If you can get 7.8% compounded monthly, how much should you deposit at the end of each month?
Answers: 1
![A=\frac{P_{Mt}[(1+\frac{r}{n})^{nt}-1]}{\frac rn}](/tpl/images/0555/6637/19706.png)
![\therefore 125,000=\frac{P_{Mt}[(1+\frac{0.078}{12})^{12\times14}-1]}{\frac{0.078}{12}}](/tpl/images/0555/6637/4ba9b.png)
![\Rightarrow 125,000=\frac{P_{Mt}[(1.0065)^{168}-1]}{0.0065}](/tpl/images/0555/6637/82964.png)
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