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Dr. Jones is saving money to help defray the cost of sending her children to college.?
Dr. Jones is saving money to help defray the cost of sending her children to college. How much does she need to invest now at 6.75% compounded quarterly if she wants the accumulated value to be $16000 in 9 years?
- Anonymous1 decade agoFavorite Answer
Shame, Roxy L, you only got one part out of three correct.
Yes, the growth factor per quarter is 1.016875, so the growth factor over 9 years (= 36 quarters, not 32) is the quarterly factor multiplied by itself 36 times, which comes to 1.826554...
But Dr. Jones says she wants to FINISH with $16000, so she should start now with $16000 / 1.826554 = $8759.66.
- 4 years ago
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