35. The Tanners have received an $8000 gift from one of their parents to invest in their child's college education. They estimate that they will need $20,000 in 12 years to achieve their educational goals for their child. What interest rate compounded semiannually would the Tanners need to achieve this goal?
35. The Tanners have received an $8000 gift from one of their parents to invest in their child's college education. They estimate that they will need $20,000 in 12 years to achieve their educational goals for their child. What interest rate compounded semiannually would the Tanners need to achieve this goal?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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