Liz and Bob just had a baby named Isabelle, and they want to save enough money for Isabelle to go to college. Assume that they start making monthly payments when Isabelle is three years old into an ordinary annuity earning 5.31%, and they calculate that they will need $22,100.00 by the time Isabelle turns 18. How much should they deposit every month so that they reach their goal?

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02-10-2022
Mathematics

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Liz and Bob just had a baby named Isabelle, and they want to save enough money for Isabelle to go to college. Assume that they start making monthly payments when Isabelle is three years old into an ordinary annuity earning 5.31%, and they calculate that they will need $22,100.00 by the time Isabelle turns 18. How much should they deposit every month so that they reach their goal?

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