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How would you solve this math question on compound interest? Please help!!!...
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<blockquote data-quote="t" data-source="post: 2197068" data-attributes="member: 115274"><p>...10 points!!? So this question is "The Adams family has 2 children, ages 3 and 8. The parents wish to give each of them a $5000 gift on their 18th birthdays. How much should they invest now at 7.4% p.a. compounded annually in order to have the money available for the these two gifts? </p><p></p><p>You're supposed to use the present value formula which is:</p><p>PV= A ÷ (1+ i)^n</p><p></p><p>PV = Present value formula to be invested now</p><p>A = Desired amount at a future date</p><p>i = interest rate per conversion period</p><p>n = number of conversion periods </p><p></p><p>Please help me !!</p></blockquote><p></p>
[QUOTE="t, post: 2197068, member: 115274"] ...10 points!!? So this question is "The Adams family has 2 children, ages 3 and 8. The parents wish to give each of them a $5000 gift on their 18th birthdays. How much should they invest now at 7.4% p.a. compounded annually in order to have the money available for the these two gifts? You're supposed to use the present value formula which is: PV= A ÷ (1+ i)^n PV = Present value formula to be invested now A = Desired amount at a future date i = interest rate per conversion period n = number of conversion periods Please help me !! [/QUOTE]
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