Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started