Mark is saving for his son's college education. If the savings account earns 9% interest compounded quarterly, and he wants to have $80,000 in 18 years, what must the princ…

Question

asked Apr 4, 2022 129k views

1 Answer

Grumpy Cat · Answer 1 · 2022-04-08T18:53:00+0000

Answer:

The answer is $16119 my friend!

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!