O Sarah plans to contribute monthly to a savings account for her daughter's coll goal is $300,000 in 20 years. Assume the APR is 5.4% compounded monthly an made monthly at the end of each month, including the last month. What amou to contribute each month? Round your answer to the nearest cent. A) $756 95 B) $696 75. C $688 66 DI $459 57
O Sarah plans to contribute monthly to a savings account for her daughter's coll goal is $300,000 in 20 years. Assume the APR is 5.4% compounded monthly an made monthly at the end of each month, including the last month. What amou to contribute each month? Round your answer to the nearest cent. A) $756 95 B) $696 75. C $688 66 DI $459 57
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Sarah plans to contribute
![18) Sarah plans to contribute monthly to a savings account for her daughter's college education. Her
goal is $300,000 in 20 years. Assume the APR is 5.4% compounded monthly and contributions are
made monthly at the end of each month, including the last month. What amount does Sarah need
to contribute each month? Round your answer to the nearest cent.
A) $756.95
B) $696.75
C) $688.66
D) $459.57
E) $642.81](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F621c49c6-a897-4840-8c88-322fda0fb090%2F7a9774bf-fd1c-4df2-b2dd-17d68c426117%2Fcu0ahkd_processed.png&w=3840&q=75)
Transcribed Image Text:18) Sarah plans to contribute monthly to a savings account for her daughter's college education. Her
goal is $300,000 in 20 years. Assume the APR is 5.4% compounded monthly and contributions are
made monthly at the end of each month, including the last month. What amount does Sarah need
to contribute each month? Round your answer to the nearest cent.
A) $756.95
B) $696.75
C) $688.66
D) $459.57
E) $642.81
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