anscrip Suppose someone wants to accumulate $50,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same The person deposits $140 per month into an account with an APR of 6% Wil the person meet the goal? Select the corect choice below and fill in the answer box to complete your choice (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed) OA No, because the amount that will be in the college fund, $ OB. Yes, because the amount that will be in the college fund is less than the goal of $50,000 is more than the goal of $50,000
anscrip Suppose someone wants to accumulate $50,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same The person deposits $140 per month into an account with an APR of 6% Wil the person meet the goal? Select the corect choice below and fill in the answer box to complete your choice (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed) OA No, because the amount that will be in the college fund, $ OB. Yes, because the amount that will be in the college fund is less than the goal of $50,000 is more than the goal of $50,000
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 23E
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Question
![Aronscript
Suppose someone wants to accumulate $50,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the
compounding and payment periods are the same.
The person deposits $140 per month into an account with an APR of 6%
Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
is less than the goal of $50,000.
A. No, because the amount that will be in the college fund, $
OB. Yes, because the amount that will be in the college fund, S
is more than the goal of $50,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa279f096-b34c-41d2-af86-10fece18b599%2F3851e4cc-7b64-48ea-9c24-fae1046a93f9%2Fo8t25yk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Aronscript
Suppose someone wants to accumulate $50,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the
compounding and payment periods are the same.
The person deposits $140 per month into an account with an APR of 6%
Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
is less than the goal of $50,000.
A. No, because the amount that will be in the college fund, $
OB. Yes, because the amount that will be in the college fund, S
is more than the goal of $50,000
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