Mika's parents want to have enough saved to give her $15 000 a year - for 4 years of college. They have 17 years until she will need the money. How much should they save per month if the investment earns 4% per year, compounded monthly?

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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МАЧА
Mik a's parents want to have enough
saved to give her $15 000 a year
for 4 years of college. They have
17 years until she will need the
money. How much should they save
per month if the investment earns
4% per year, compounded monthly?
Transcribed Image Text:МАЧА Mik a's parents want to have enough saved to give her $15 000 a year for 4 years of college. They have 17 years until she will need the money. How much should they save per month if the investment earns 4% per year, compounded monthly?
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