1.Suppose someone wants to accumulate $70,000 for a college
fund over the next 15 years. Determine whether the following
investment plans will allow the person to reach the goal. Assume
the compounding and payment periods are the same.
The person deposits $80 per month into an account with an APR
of 5%.
Will the person meet the goal? Select the correct choice
below
(Round the final answer to the nearest cent as needed. Round
all intermediate values to six decimal places as needed.)
A.
No, because the amount that will be in the college fund,
$______, is less than the goal of $70,000.
B.
Yes, because the amount that will be in the college fund,
$______, is more than the goal of $70,000.