Saving for college in 20 years, a father wants to accumulate $40,000 to pay for his daughter's college expenses.
If he can 6% interest, compounded quarterly, how much must he invest now to achieve his goal?
Ava-May Nelson 2020-10-26Answered
Saving for college in 20 years, a father wants to accumulate $40,000 to pay for his daughters
If P dollars are deposited in an account eqarning interest at an annual rate r, compounded n times each year, the amount A in the account after t years is given by
Divide both sides by 3.2906
The initial deposit is .