Question 5 of 15, Step 1 of 1
James deposits a fixed quarterly amount into an annuity account for his child's college fund. He wishes to accumulate a future value of $60,000 in 17 years. Assuming an
APR of 3.7% compounded quarterly, how much of the $60,000 will James ultimately deposit in the account, and how much is interest earned? Round your answers to
the nearest cent, if necessary.
Answer
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Amount James will deposit: $
Interest earned: $