Question

Parent wish to have 80,000 available for a child education. If the child is now 5 years old, how much money must be set aside at 8% coompounded semiannually to meet their financial goal when the child is 18

Answer 1

To meet the financial goal of having 80,000 available for a child's education when they are 18, the parents must set aside $25,945.90 at 8% compounded semiannually.

Explanation: