Parents wish to have $$80,000$ available for a child's education. If the child is now $8$ years old, how much money must be set aside at $7\%$ compounded semiannually to meet their financial goal when the child is $18?$

i$.$ Click the icon to view some finance formulas.

The amount that should be set aside is $

$($Round up to the nearest dollar.$)$

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.

$A=P(1+\frac{r}{n}{)}^{nt},P=\frac{A}{(1+\frac{r}{n}{)}^{nt}},A=P{e}^{rt},Y=(1+\frac{r}{n}{)}^n-1$