22.

a. b.

Parents wish to have $130,000 available for a child's education. If the child is now 3 years old, how much money must be set aside at 8% compounded semiannually to meet their financial goal when the child is 18? The amount that should be set aside is $ (Round up to the nearest dollar.) Suppose you have $13,000 to invest. Which of the two rates would yield the larger amount in 3 years: 9% compounded monthly or 8.86% compounded continuously? Which of the two rates would yield the larger amount in 3 years? 9% compounded monthly 8.86% compounded continuously