Question
Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at a 9.39% annual interest rate, compounded annually, in order to have $20,000 in the fund at the end of 10 years?
I cannot get the right answer.
I cannot get the right answer.
Answers
so, why not show your work?
P(1+.0939)^10 = 20000
Now just solve for P.
P(1+.0939)^10 = 20000
Now just solve for P.
Anna and Tom want to establish a fund for their grandson's college education.What lump sum must they deposit at an 8% annual interest rate, compounded monthly ,in order to have $60,000 in the fund at the end of 10 years.
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