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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? 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? Click the icon to view some finance formulas. ..... The amount that should be set aside is $ (Round up to the nearest dollar.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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? Click the icon to view some finance formulas. The amount that should be set aside is $ (Round up to the nearest dollar.) Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. nt A A = P = A =Pet Y = - 1 nt 1 + Print Done
Transcribed Image Text: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? Click the icon to view some finance formulas. The amount that should be set aside is $ (Round up to the nearest dollar.) Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. nt A A = P = A =Pet Y = - 1 nt 1 + Print Done
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