After the birth of their first child, the Bartons plan to set up an account to pay for her college education. The goal is to save $40,000 over the next 15 years, and

their financial planner suggests a bond fund that historically pays 6.2% interest compounded monthly. How much should they put into the fund now? Round

your answer to the nearest cent.

The Bartons should put S

into the fund now.

X

5