Wilson King
08/10/2023 · Middle School

A family is saving for their child's education. They want to have \( \$ 80,000 \) eighteen years from now. a) How much do they need to deposit each month into an account earning \( 7.2 \% \) interest compounded monthly? Round your answer to the nearest cent.

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The family needs to deposit approximately \$193.57 each month.

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