How much must they add to the account each month

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Reference no: EM13877933

Kerry and Rob just had their first child, Helene. Being financially responsible parents, they want to start saving for Helene's college education so that they will have $355,000 by the time she is 18. Assuming that they have $10,000 in a bank account that pays 5% interest compounded monthly today, how much must they add to the account each month to have $355,000 by the time Helene is 18?

approx. $854

approx. $1021

approx. $743

approx. $655

approx. $946

Reference no: EM13877933

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