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OpenStudy (anonymous):
Every six months, Jamison deposits $450 into an interest-bearing account to save for her children’s tuition. The interest rate on the account is 6.8% compounding semiannually. What is the present value of the investment if Jamison’s children leave for college in 8 years? $4,600.84 $4,307.90 $5,483.45 $5,669.89
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OpenStudy (anonymous):
so it would be $450*6.8%*8
OpenStudy (anonymous):
@Zale101
OpenStudy (anonymous):
0.068?
OpenStudy (anonymous):
i got 244.8 what did i do wrong
OpenStudy (anonymous):
@Zale101
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OpenStudy (anonymous):
okay
OpenStudy (anonymous):
@ankit042
OpenStudy (ankit042):
You guys are not considering compounding...also rate is semiannual so there are 8*2 periods. I am getting B as answer
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