Suppose someone wants to accumulate
$60 comma 00060,000
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
$8080
per month into an account with an APR of
77%.
Question content area bottom
Part 1
Will the person meet the goal? Select the correct choice below and fill in the answer box to complete your choice.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
A.
NoNo,
because the amount that will be in the college fund,
$enter your response here,
is
lessless
than the goal of
$60 comma 00060,000.
B.
YesYes,
because the amount that will be in the college fund,
$enter your response here,
is
moremore
than the goal of
$60 comma 00060,000.