To save for their child's college education, parents put $100 at the beginning of each month into an account that pays 5.5% annual interest, compounded monthly. They do this for 18 years. How much money per month would they have had to save if they needed the same total amount in 18 years, but their account only paid 2.5% annual interest, compunded monthly? Round to the nearest cent.

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The Answer of To save for their child's college education, parents put $100 at the beginning of each month into an account that pays 5.5% annual interest, compounded monthly. They do this for 18 years. How much money per month would they have had to save if they needed the same total amount in 18 years, but their account only paid 2.5% annual interest, compunded monthly? Round to the nearest cent.

To Save for Their Child's College Education, Parents Put $100