Question

In: Advanced Math

1.A couple just had a baby. How much should they invest now 5.9​%compounded daily in order...

1.A couple just had a baby. How much should they invest now 5.9​%compounded daily in order to have ​$45,000 for the​ child's education 18 years from​ now? Compute the answer to the nearest dollar.​ (Assume a​ 365-day year.)

2.Find the value $20,000 at the end of one year if it is invested in an account that has an interest rate of 5.40% and is compounded in accordance with the rules below.

a. compounded monthly

b.compounded daily​ (assuming a​ 365-day year)

c.compounded quarterly

Solutions

Expert Solution

Colby Messinger answered 1 year ago
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