Parents wish to have 90000 available for a child's education. If the child is now 6 years old, how much money must be set aside at 3% compounded semiannually to meet their financial goal when the child is 18
Compund Interest Formula: P(1+ r/n)^nt
P=Principal
r=interest rate, as a decimal.
n= number of times applied of a time period.
t=time in years
90000=P(1+0.03/2)^(2)(12)
Aproximately, P=62958.95......
