2 years ago

Suppose that a family wants to start a college fund for their child. If they can get a rate of 5.5% , compounded monthly,

Mathematics

1 answer:

chubhunter [2.5K]2 years ago

5 0

The monthly deposit should be $81.38.

An ordinary annuity is a fixed payment made for a fixed amount of time at the end of each period.

The formula to determine the monthly deposit is:

Future value / annuity factor

Annuity factor = {[(1+r)^n] - 1} / r

Where:

r = interest rate = 5.5 / 12 = 0.4583%
n = 20 x 12 = 240

35,450 / [(1.004583)^240 - 1] / 0.004583 = $81.38

To learn more about how to determine the value of an annuity, please check: brainly.com/question/24108530

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