Question

parent wish to have $160,000 available for a child's education. if the child is now 7 years old, how much money must be set aside at 6% compounded semiannually to meet their financial goal when the child is 18?

Answer 1

Set up the equation:
\[A=P(1+\frac{ r }{ n })^{tn}\]

Answer 2

\[16000=P(1+\frac{ .06 }{ 2 })^{11*2}\]

Answer 3

*160,000

Answer 4

Solve for P I think..

Answer 5

thank you

Answer 6

NP :P