Parents wish to have $100,000 available for a child's education. If the child is now 6 years old, how much money must be set aside at 4% compounded semiannuallyto 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.)FormulasIn the provided formulas, A is the balance in the account after t years, P is theprincipal investment, r is the annual interest rate in decimal form, n is the numberof compounding periods per year, and Y is the investment's effective annual yieldin decimal form.ntAA = PP =A =PertY =- 1ntPrintDone

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Parents wish to have $100,000 available for a child's education. If the child is now 6 years old, how much money must be set aside at 4% 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.)

Parents wish to have $100,000 available for a child's education. If the child is now 6 years old, how much money must be set aside at 4% 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.)

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...

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