Hurry only have a couple you want to purchase a new car in 5 years and you anticipate the cost of the car to be $55,000. you are given an investment plan with a fixed apr of 6.2%, assuming that you make regular monthly deposits. how much should you deposit at the beginning of each month to reach your goal of $55,000 in 5 years? round to the nearest cent. a. $787.23 c. $785.62 b. $786.65 d. $780.23

Given:
term 5 years
future value $55,000.
fixed APR of 6.2%
regular monthly deposits will be made.

6.2% / 12 months = 0.517% per month

5 years * 12 months = 60 months 

I'll be using the Future Value of Annuity formula

FV of Annuity = P {[(1+r)^n - 1] / r}
55,000 = P {[(1+0.00517)⁶⁰ - 1] / 0.00517}
55,000 = P [(1.362 - 1) / 0.00517]
55,000 = P (70.02)
55,000 / 70.02 = P
785.49 = P

Among the given choices, the nearest option is c. $785.62