James deposits a fixed monthly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $85,000 in 17 years. Assuming an APR of 3.8 % compounded monthly, how much of the $85,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Formulas EKeypad Answer How to enter your answer Keyboard Shortcuts Amount James will deposit: $I

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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James deposits a fixed monthly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $85,000 in 17 years. Assuming an
APR of 3.8 % compounded monthly, how much of the $85,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the
nearest cent, if necessary.
Formulas
Keypad
Answer
How to enter your annswer
Keyboard Shortcuts
Amount James will deposit: $|
Interest earned: $
Transcribed Image Text:James deposits a fixed monthly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $85,000 in 17 years. Assuming an APR of 3.8 % compounded monthly, how much of the $85,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to the nearest cent, if necessary. Formulas Keypad Answer How to enter your annswer Keyboard Shortcuts Amount James will deposit: $| Interest earned: $
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