You think that in 8 years it will cost $247,000 to provide your child a 4-year college education. Will you have enough if you take $77,000 today and invest it for the next 8 years at 8 percent? Round the answer to the nearest cent. Round FV-factor and FVA-factors to three decimal places.

Question

You think that in 8 years it will cost $247,000 to provide your child a 4-year college education. Will you have enough if you take $77,000 today and invest it for the next 8 years at 8 percent? Round the answer to the nearest cent. Round FV-factor and FVA-factors to three decimal places. 
I keep getting 142521.6262 no matter what I do and it says it wrong help!

Henry · Answer

P = Po + Po*r*t = 77,000 + 77,000*.08*8 = $126,280. I used simple Interest, because no compounding frequency was given.