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October 23, 2014

Homework Help: Math

Posted by CrissyXD on Wednesday, March 28, 2012 at 2:32am.

(COMPOUND INTEREST)

Effie is planning to set up a trust fund for her new grand daughter. In 18 years time she wants the investment to be worth $50000 to help her buy a car or a home unit.
a)How much should she invest at 5% p.a. compounding yearly?
--I know the answer for this is $20776.03

b) How much less will she have to invest at 6% p.a., compounding monthly?
This is the question I need help with...

Does anyone know the working out and answer? thank you

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