Mark is saving for his son's college education. If the savings account earns 9% interest compounded quarterly, and he wants to h
ave $80,000 in 18 years, what must the principal be?
1 answer:
Answer:
The answer is $16119 my friend!
Step-by-step explanation:
A = p(1+r/n)^nt
80000 = p(1+0.09/4)^4x18
80000 = p(1.0225)^72
p = 16118.74
Hope I helped you!
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