AronscriptSuppose someone wants to accumulate $50,000 for a college fund over the next 15 years. Determine whether the following investment plans will allow the person to reach the goal. Assume thecompounding and payment periods are the same.The person deposits $140 per month into an account with an APR of 6%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)is less than the goal of $50,000.A. No, because the amount that will be in the college fund, $OB. Yes, because the amount that will be in the college fund, Sis more than the goal of $50,000

Future value is the estimation of current value of future cash flows that are likely to be received…

Answered: anscrip Suppose someone wants to…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 23E

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