Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. suppose someone wants to accumulate $40,000 for a

Suppose someone wants to accumulate $40,000 for a college fund over the next 15 years....

60.1K

Verified Solution

Question

Basic Math

image

Suppose someone wants to accumulate $40,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume the compounding and payment periods are the same. The person deposits $140 per month into an account with an APR of 6%. Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) A. Yes, because the amount that will be in the college fund, S $40,000. B. No, because the amount that will be in the college fund, S $40,000. is more than the goal of is less than the goal of

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

An unstable nucleus of mass 1.7 ✕ 10−26 kg, initially at rest at the origin of...

Physics
1.2K views

Ideal Gas equation. I understand why PV=MRT but what i dont understand is. Why in this problem...

Accounting
1.2K views

Return on Investment, Margin, Turnover Ready Electronics is facing stiff competition from imported goods. Its operating...

Physics
1.2K views

All capacitors in the network shown are initially uncharged If a battery of emf Eis...

Basic Math
1.2K views

Norio is running to raise money for charity. He finds 2 people who have pledged...

Algebra
1.2K views

Find the least common multiple LCM of the following numbers 117 and 72 The LCM...

Algebra
1.2K views

Consider the first six terms of this sequence 6 12 24 48 96 Which equation...

Accounting
1.2K views

Question 16 1pts The balance sheet dated 1231?24 has retained earnings of $60,000....

Accounting
1.2K views

Question 3: Job vs Batch Job Costing You are the manager of a manufacturing company...

Accounting
1.2K views

The following percentages apply to Thornton Company for 2018 and 2019: points 2018 100.0% 63.9...

Finance
1.2K views

Dog Up! Franks is looking at a new sausage system with an installed cost of...

Accounting
1.2K views

Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for...