question archive Ivanna and Artur just had a baby named Samruk, and they want to save enough money for Samruk to go to college
Ivanna and Artur just had a baby named Samruk, and they want to save enough money for Samruk to go to college
Subject:FinancePrice: Bought3
Ivanna and Artur just had a baby named Samruk, and they want to save enough money for Samruk to go to college. Assume that they start making monthly payments when Samruk is 5 years old into an ordinary annuity earning 3.5% (convertible monthly), and they calculate that they will need 33037 dollars by the time Samruk turns 18. How much should they deposit every month so that they reach their goal?
