p =(120000)/((1 + (0.08/12))((12)(16))

Parents wish to have $120,000 available for a child's education. If the child is now 2 years old, how much money must be set aside at 5% compounded semiannually to meet their financial goal when the child is 18 ? Click the icon to view some finance formulas. The amount that should be set aside is $ (Round up to the nearest dollar.)