What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it will grow to $70,000 for their son's college fund in 13 years? (Round your answer to the nearest cent.)
What lump sum do parents need to deposit in an account earning 5%, compounded monthly, so that it will grow to $70,000 for their son's college fund in 13 years? (Round your answer to the nearest cent.)
Expert Answer
Related Algebra Q&A
Q: Solve. Don't forget to Check! x-8/x+2=2/3
A: Given: -
Q: Factor the trinomial with a negative leading coefficient 3+2x-8x2
A: Given,
Q: The accompanying data were compiled by the admissions office at a college during the past 5 years. T...
A: The values in the following table is required for calculating the equation of least squares line.
Q: Given 1+5i, 1-5i, and -2 are zeros of a function, find the function f(x). (Let the leading coefficie...
A: The given zeros of a function are 1+5i, 1–5i and –2.
Q: If g(t)= -9t3, evaluate g(1/3t) g(1/3t)=?
A: Click to see the answer
Q: What is the units' digit of the sum of the squares of the first 2019 odd positive integers?
A: To find the sum of squares of the first 2019 odd positive integers.
Q: Use the exponential decay model y = ae−bt to complete the table for the radioactive isotope. (Round ...
A: Given:
Q: Find the standard equation of a parabola that has a vertical axis and satisfies the given conditions...
A: Click to see the answer
Q: #31
A: The given expression is
