Use the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4%. How much should you deposit monthly to accumulate $80,000 in 15 years? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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Use the savings plan formula to answer the following question.
Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4%. How much
should you deposit monthly to accumulate $80,000 in 15 years?
You should invest $ each month.
(Do not round until the final answer. Then round to two decimal places as needed.)
Transcribed Image Text:Use the savings plan formula to answer the following question. Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 4%. How much should you deposit monthly to accumulate $80,000 in 15 years? You should invest $ each month. (Do not round until the final answer. Then round to two decimal places as needed.)
Compute the total and annual returns on the following investment.
Nineteen years after purchasing shares in a mutual fund for $5700, the shares are sold for $11,800.
The the total return is%.
(Do not round until the final answer. Then round to one decimal place as needed.)
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Transcribed Image Text:Compute the total and annual returns on the following investment. Nineteen years after purchasing shares in a mutual fund for $5700, the shares are sold for $11,800. The the total return is%. (Do not round until the final answer. Then round to one decimal place as needed.) Get more help Clear all Check answer
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