A Family Wants to Have a $180,000 College Fund for Their

question 91

Multiple Choice

A family wants to have a $180,000 college fund for their children at the end of 16 years. What contribution must be made at the end of each quarter if their investment pays an annual rate of 7.4%, compounded quarterly? Round your answer to the nearest cent. ​

• A)$998.82
• B)$9,770.02
• C)$4,173.73
• D)$1,491.76
• E)$2,360.66

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Definitions:

Assembly Operation

The process in manufacturing where individual components are joined to form a complete product or part of a product.

Allowance Factor

A factor used in planning and scheduling to account for potential deviations from standard or expected performance.

Performance Rating

Represents a quantitative measure designed to evaluate the efficiency and productivity of an employee or a machine in the workplace.

Allowances

Financial compensations or extra quantities given to cover specific needs or requirements.