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Ann and tom want to establish a fund for their grandson's college education. What lump sum deposit at a 12.7% annual interest rate compounded annually interest rate in order to have 20,000 in the fund at the end of 15 years

Respuesta :

adioabiola

Answer:

2,683.34

Step-by-step explanation:

A=p(1+r/n)^nt

P=A/(1+r/n)^nt

A=20,000

r=12.7%=0.127

t=15

n=12

P=?

P=20,000/(1+/0.127/12)^12.7*15

=20,000/(1+0.0106)^190.5

=20,000/(1.0106)^190.5

=20,000/7.4534

P=2,683.3391

Approximately

P=2,683.34

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