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I posted the formulas it gives you to solve the problem. Parents wish to have $80,000 avalable for a childs education if the child is
I posted the formulas it gives you to solve the problem.
Parents wish to have $80,000 avalable for a childs education if the child is now 9 years old, how much money must be set aside at 6% compounded semiannualy to meet meir francial poal when the child is 18 ? Click the icon lo view some fnance formulas. The amount thay thould be set aside is s (Round up to the nearest dollat) Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. A=P(1+nr)ntP=(1+nr)ntAA=PertY=(1+nr)n1
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