As Jorge starts working now at the age of 20, he decides to make regular contributions to a savings account.He wants to accumulate enough by age 55 to fund an annuity of $6,200 per month until age 80.
What should his monthly contributions be? Assume that both accounts pay 7.25%, compounded
Monthly.Round to the nearest cent.
A)$444.62
B)$448.62
C)$439.62
D)$426.19
E)$462.62

Question

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The Answer of As Jorge starts working now at the age of 20, he decides to make regular contributions to a savings account.He wants to accumulate enough by age 55 to fund an annuity of $6,200 per month until age 80.
What should his monthly contributions be? Assume that both accounts pay 7.25%, compounded
Monthly.Round to the nearest cent.
A)$444.62
B)$448.62
C)$439.62
D)$426.19
E)$462.62

As Jorge Starts Working Now at the Age of 20