3 years ago

Parents wish to have $160,000 available for a child's education. If the child is now

1 answer:

4 0

A=p (1+I/k)^kn

A future value 160000
p present value ?
I interest rate 6/100=0.06
K compounded semiannual 2
T time 18-7=11years

160000=p (1+0.06/2)^(2×11)
Divide each side by (1+0.06/2)^(2×11)
P=160,000÷(1+0.06÷2)^(2×11)
P=83,502.8

Hope it helps:-)

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