Monte wants to save for his daughter's college education. He would like to have $85,000 in 15 years. If Monte can earn an average of 8.5% on this fund, how much would he need to deposit in the account today to meet his goal? If Monte has $5,000 set aside now and can earn an average of 8.5% on this fund, how much would he need to add to the account each month? (Round to the nearest whole number.)

Question

Monte wants to save for his daughter's college education. He would like to have $85,000 in 15 years. If Monte can earn an average of 8.5% on this fund, how much would he need to deposit in the account today to meet his goal?  If Monte has $5,000 set aside now and  can earn an average of 8.5% on this fund, how much would he need to add to the account each month? (Round to the nearest whole number.)

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The Answer of Monte wants to save for his daughter's college education. He would like to have $85,000 in 15 years. If Monte can earn an average of 8.5% on this fund, how much would he need to deposit in the account today to meet his goal?  If Monte has $5,000 set aside now and  can earn an average of 8.5% on this fund, how much would he need to add to the account each month? (Round to the nearest whole number.)

Monte Wants to Save for His Daughter's College Education