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?
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.
