39).

Parents wish to have $80,000 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.) A bank offers a money market account paying 8.5% interest compounded annually. A competing bank offers a money market account paying 8.4% interest compounded daily. (Assume 360 days in a year.) Which account is the better investment? Choose the better investment. A. 8.5% compounded annually. B. 8.4% compounded daily