Fiance

If a father wants to have $100,000 to send a newborn child to college, how much must he invest annually for 18 years if he earns 9 percent on his funds?

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asked by Rudy
  1. P(1.09)^18=100 000

    P=100 000/4.72

  2. paym(1.09^18 - 1).09 = 100 000
    paym( 41.301338)
    annual investment = 100 000/41.301338) = 2412.23

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    posted by Reiny

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