Question

Naomi plans to attend a four-year college that costs a total of $21,800 per year. Her family invests $9,500 in an account that earns 6% annual interest compounded monthly.
To the nearest dollar, what is the minimum amount Naomi’s family should deposit each month to be able to pay for the first two years of college?

Answer 1

Answer:

$53,000

Step-by-step explanation:

You have to first convert your percent (6%) to a decimal (0.06)

And multiply that to get $12.424 million dollars. Now, there are 12 months in every year and 12+12= 24

$12.424000/24 = 53,000

Ps. Hope this helped

Answer 2

Answer:

Step-by-step explanation:

I dunno