document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1116092>Question 1116092</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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?<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #730923 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=730923\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 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?<BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(n*t)<BR>\n" );
document.write( "80000 = P[1+(0.08/2)]^(2*9)<BR>\n" );
document.write( "80000 = P[1.04]^18<BR>\n" );
document.write( "P = 80000/[1.04]^18<BR>\n" );
document.write( "P = $39490.25<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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