Ann and tom want to establish a fund for their grandson's college education, what lump sum must they deposit at a 10% annual interest rate, compounded monthly, in order to have $20,000 in the fund at the end of 15 years? they should deposit (round up to the nearest cent)

so deposit amount is $4490.43

Step-by-step explanation:

Given data

rate = 10% annual = 10/12 % monthly = 10/1200 monthly

amount = $20000

time = 15 years = 15 × 12  month = 180 months

to find out

principal amount

solution

we know the amount formula that is given below

Amount = principal

now put all value amount , rate , time and find the principal

20000 = principal

principal = 20000 /

principal = 20000/ 4.453919

principal = 4490.4274

so deposit amount is $4490.43

lockers 1, 4, 9, 16, 25, 40, and 49 are open

i ran through it by the other answer is wrong

step-by-step explanation: