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Melissa's father is planning to open a savings account to pay for Melissa's college education. He has found a bank that will pay 11 percent interest compounded semi-annually. How much will he need to deposit
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Melissa's father is planning to open a savings account to pay for Melissa's college education. He has found a bank that will pay 11 percent interest compounded semi-annually. How much will he need to deposit initially so that in 5 years the balance will be $116,000?

User Kurt Schwehr
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1 Answer

2 votes

Answer:

Initial Deposit = $40,900

Explanation:

Working shown in picture.

Melissa's father is planning to open a savings account to pay for Melissa's college-example-1
User Edur
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