SOLUTION: Parents wish to have $80000 available for school. The child is 9 years old how much money must be sta aside with a 8% compound semiannually to meet their financial goal when the ch
Algebra.Com
Question 1116092: Parents wish to have $80000 available for school. The child is 9 years old how much money must be sta aside with a 8% compound semiannually to meet their financial goal when the child is 18?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Parents wish to have $80000 available for school. The child is 9 years old how much money must be set aside with a 8% compound semiannually to meet their financial goal when the child is 18?
-----
A(t) = P(1+(r/n))^(n*t)
80000 = P[1+(0.08/2)]^(2*9)
80000 = P[1.04]^18
P = 80000/[1.04]^18
P = $39490.25
------------
Cheers,
Stan H.
---------
RELATED QUESTIONS
Parents wish to have $130,000 available for a child's education. The child is 5 years old (answered by ankor@dixie-net.com)
The parents of a child have just come into large inheritance and wish to establish a... (answered by scott8148)
james and susan wish to have $10,000 available for their wedding in 2 years. how much (answered by checkley79)
James and Susan wish to have 10,000 available for their wedding in 2 years. How much... (answered by ewatrrr)
a. For their newborn child, parents deposit $10,000 in a college account that pays 8%... (answered by Boreal)
1.Marina had an accident with her car and the repair bill came to $800. She didn’t have... (answered by ikleyn)
A couple plans to save for their child's college education. What principal must be... (answered by ikleyn)
1.Natasha borrowed $550 from her uncle for her textbooks this semester and promised to... (answered by Lightning_Fast,ikleyn)
Craig and Susan Miller had just returned from their honeymoon trip in the Whitsundays.... (answered by Fombitz)