K A couplé just had a baby. How much should they invest now at 5.5% compounded daily in order to have $40,000 for the child's education 17 years from now? Compute the answer to the nearest dollar. (Assume a 365-day year.) The couple should invest $ now. (Round to the nearest dollar as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 30RE: The twins Sarah and Scott both opened retirement accounts on their 2lst birthday. Sarah deposits...
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K
A couple just had a baby. How much should they invest now at 5.5% compounded daily in order to have $40,000 for the child's education 17 years from now?
Compute the answer to the nearest dollar. (Assume a 365-day year.)
The couple should invest $
(Round to the nearest dollar as needed.)
now.
Transcribed Image Text:K A couple just had a baby. How much should they invest now at 5.5% compounded daily in order to have $40,000 for the child's education 17 years from now? Compute the answer to the nearest dollar. (Assume a 365-day year.) The couple should invest $ (Round to the nearest dollar as needed.) now.
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