Compute the monthly beginning of-the-period payment

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Reference no: EM133335816

Question: Molly's son starts college in 10 years. She estimates the current deficit for her college education funds is $59,105. Assume that after-tax annual rate of return that Molly is able to earn from her investment is 6.10 percent compounded monthly. She is going to invest additional amounts every month at the beginning of the period until her son starts college. Compute the monthly beginning of-the-period payment that is necessary to fund the current deficit.(Please use monthly compounding, not simplifying average calculations).

Reference no: EM133335816

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