Math 1307 Review for Test #1 Chapter 3: Mathematics of …

8. Parents want to have $120,000 in 15 years for their child’s college fund. How much should be deposited. monthly into an account paying 6% compounded monthly to grow to the desired amount? 9. Find the amount you must deposit now into an ordinary annuity in order to receive $250 per month for. 4 years if money is worth 8.4% compounded ... ................
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