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September 21, 2014

Homework Help: college math

Posted by kerry on Monday, October 8, 2012 at 10:56pm.

ok this is the last question i need help on.
Abigail just received an inheritance from her grandfather's estate. She will be entering college in 1 year and is expecting to need $3,000, $5,000, $4,000, and $4,500 respectively at the beginning of each of the 4 consecutive years at school.
If she can get GICs with 4% interest, compounding daily, what principal amount would Abigail need to invest from her inheritance to completely be self-sufficient during these school years? For full marks your answer(s) should be rounded to the nearest cent.

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