Question

On January 1, Alan King decided to transfer an amount from his checking account into an investment account that later will provide $ 80,000 to send his son to college (four years from now). The investment account will earn 8 percent, which will be added to the fund each year- end.
Required (show computations and round to the nearest dollar):
1. How much must Alan deposit on January 1?
2. What is the interest for the four years?


$1.99
Sales0
Views25
Comments0
  • CreatedNovember 02, 2015
  • Files Included
Post your question
5000