Knowing That the Education Costs for Her Kids Would Be

Knowing that the education costs for her kids would be huge, Roberta puts lump sum money from her inheritance in a savings account paying an interest of 4.69% compounded monthly. If ordinary annuity payments of $1500.00 per month are to be paid out of the account at the end of each month for four years, how much did Roberta deposit?

A) $65 533
B) $32 474
C) $65 592
D) $32 723
E) $54 343

Correct Answer:

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