As Jorge Starts Working Now at the Age of 23

question 197

Multiple Choice

As Jorge starts working now at the age of 23, he decides to make regular contributions to a savings account.He wants to accumulate enough by age 55 to fund an annuity of $6,900 per month until age 80.
What should his monthly contributions be? Assume that both accounts pay 8.5%, compounded
Monthly.Round to the nearest cent.

• A)$446.46
• B)$428.46
• C)$432.46
• D)$423.46
• E)$410.84

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