As Jorge starts working now at the age of 22, he decides to make regular contributions to a savings account.He wants to accumulate enough by age 55 to fund an annuity of $6,500 per month until age 80.
What should his monthly contributions be? Assume that both accounts pay 8.75%, compounded
Monthly.Round to the nearest cent.
A)$357.94
B)$326.74
C)$343.94
D)$334.94
E)$339.94

Question

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The Answer of As Jorge starts working now at the age of 22, he decides to make regular contributions to a savings account.He wants to accumulate enough by age 55 to fund an annuity of $6,500 per month until age 80.
What should his monthly contributions be? Assume that both accounts pay 8.75%, compounded
Monthly.Round to the nearest cent.
A)$357.94
B)$326.74
C)$343.94
D)$334.94
E)$339.94

As Jorge Starts Working Now at the Age of 22