trust fund for a childs education is being set up by a single payment so that at the end of 15 years there will be shs 24,000,000. If the fund earns interest at the rate of 7% compounded semi-annually how much money should be paid into the fund initially?
trust fund for a childs education is being set up by a single payment so that at the end of 15 years there will be shs 24,000,000. If the fund earns interest at the rate of 7% compounded semi-annually how much money should be paid into the fund initially?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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![trust fund for a childs education is being set up by a single payment so that at the end of 15 years there will be shs
24,000,000. If the fund earns interest at the rate of 7% compounded semi-annually how much money should be paid
into the fund initially?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fca4ac87e-fff8-46bf-b961-e98279c508af%2Fe403a38d-8a2d-465b-a803-5482b8af1d0c%2Fb4o7pr_processed.png&w=3840&q=75)
Transcribed Image Text:trust fund for a childs education is being set up by a single payment so that at the end of 15 years there will be shs
24,000,000. If the fund earns interest at the rate of 7% compounded semi-annually how much money should be paid
into the fund initially?
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