Knight Frank

05/18/2024 · Escuela secundaria superior

\( 1<\begin{array}{l}\text { Suppose someone wants to accumulate } \$ 50,000 \text { for a college fund over the next } 15 \text { years. Determine whether the } \\ \text { following investment plans will allow the person to reach the goal. Assume the compounding and payment periods } \\ \text { are the same. } \\ \text { The person deposits } \$ 80 \text { per month into an account with an APR of } 7 \% \text {. } \\ \text { Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice. } \\ \text { (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places } \\ \text { as needed.) } \\ \text { A. No, because the amount that will be in the college fund, } \$ \square \text {, is less than the goal of } \$ 50,000 \text {. } \\ \text { B. Yes, because the amount that will be in the college fund, } \$ \square \text {, is more than the goal of } \$ 50,000 \text {. }\end{array} \).