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Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 6 %. How much should you deposit monthly to accumulate ​$82 comma 000 in 12 ​years?

 Feb 24, 2020
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FV=$82,000; R=0.06/12; N=12 *12;PMT = FV*(((1 + R)^N - 1)^-1* R)

 

 PMT =$ 390.20 - Monthly payment required.

Note: I compounded your 6% APR on a monthly basis.

 Feb 24, 2020

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