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Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at an 8.2% annual interest rate, compounded annually, in ord…
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Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at an 8.2% annual interest rate, compounded annually, in ord…
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Sep 9, 2017
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Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at an 8.2% annual interest rate, compounded annually, in order to have $20,000 in the fund at the end of 15years?
Mathematics
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Kabochkov
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Compound interest formula = a=P(1+r/n)^nt
P= lump sum to deposit (solving for)
A= amount accumulated over the entire time (20000)
n= number of times interest is compounded annually (1)
r= rate of interest (0.82)
T= total number of years (15)
20000=P(1+0.082/1)^1*15
20000=P(1.082)^15
20000=P(3.26143638)
20000/3.26143638=P
P=$6132.2674
Dave Hunt
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Sep 10, 2017
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Dave Hunt
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Compound interest formula = a=P(1+r/n)^nt
P= lump sum to deposit (solving for)
A= amount accumulated over the entire time (20000)
n= number of times interest is compounded annually (1)
r= rate of interest (0.82)
T= total number of years (15)
20000=P(1+0.082/1)^1*15
20000=P(1.082)^15
20000=P(3.26143638)
20000/3.26143638=P
P=$6132.2674
Leek
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Sep 15, 2017
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Leek
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