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Palma wishes to establish a fund for her granddaughter's college education. What lump sum must she deposit in an account that pays with an annual interest rate of 6 percent, compounds monthly, if she wishes to have $10,000 in ten years? Round to two decimals.

Respuesta :

merlynthewhizz
10 years = 120 months
Multiplier = 100%+6% = 106% = 1.06

Final value = Original value ×[tex](1.06)^{120} [/tex]
[tex]10000=x (1.06)^{120} [/tex]
[tex]x=10000/(1.06) ^{120} [/tex]
[tex]x=9.19[/tex]

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