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Greg plans to set aside money for his young daughter’s college tuition. He will deposit money in an ordinary annuity that earns 7.8% interest, compounded monthly. Deposits will be made at the end of each month. How much money does he need to deposit into the annuity each month for the annuity to have a total value of $73,000 after 15 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

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Greg plans to set aside money for his young daughter’s college tuition. He will deposit money in an ordinary

annuity that earns 7.8% interest, compounded monthly. Deposits will be made at the end of each month. 

How much money does he need to deposit into the annuity each month for the annuity to have a total value of $73,000 after 15 years? 

Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.

 
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