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

Let the payment be m per month. The APR is reduced to 6.2/12=0.5167% per month.
The first payment accumulates 60 months of growth; thr second payment 59 months and so on. The kast payment griws by one month’s interest.
Therefore we have a series 1.005167m(1+1.005167+...+1.005167⁵⁹)/(1.005167-1)=1.005167m(1.005167⁶⁰-1)/0.005167.
This comes to 70.49216m approx. This has to equal $55000, so m=55000/70.49216=$780.23 approx, Answer d.