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ruslelena [56]
3 years ago
14

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]3 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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Answer:

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Step-by-step explanation:

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Given triangle is a right angled triangle

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The width is 6.5 yd.
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The length is 8 yd, and the width is 6.5 yd.
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