1. **State the problem:** We want to find out if depositing $70 monthly into an account with an APR of 7% compounded monthly for 15 years will accumulate at least $70,000. 2. **Formula used:** We use the future value of an ordinary annuity formula: $$A = P \times \frac{(1 + r)^n - 1}{r}$$ where: - $A$ is the amount accumulated after $n$ periods, - $P$ is the payment per period, - $r$ is the interest rate per period, - $n$ is the total number of payments. 3. **Identify values:** - $P = 70$ - APR = 7% annually, so monthly rate $r = \frac{0.07}{12} = 0.005833333$ - Number of months $n = 15 \times 12 = 180$ 4. **Calculate $(1 + r)^n$:** $$ (1 + 0.005833333)^{180} = 1.005833333^{180} $$ Using a calculator, this equals approximately $2.849006$. 5. **Calculate the numerator:** $$ (1 + r)^n - 1 = 2.849006 - 1 = 1.849006 $$ 6. **Calculate the fraction:** $$ \frac{1.849006}{0.005833333} = 316.785 $$ 7. **Calculate the future value $A$:** $$ A = 70 \times 316.785 = 22174.95 $$ 8. **Interpretation:** The amount accumulated is $22174.95$, which is less than the goal of $70000$. **Final answer:** A. No, because the amount that will be in the college fund, $22174.95$, is less than the goal of $70000$.