You did a great job and your adult child is headed for university with a college fund

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Question:

You did a great job and your adult child is headed for university with a college fund of $

90, 000

expected to earn

8 %

per year. Assuming your child attends for

5

years and makes a semi

-

annual payment each year to the university. How much can you take out of the fund every six months while your child attends university? Assume there will be nothing left in the fund after

5

years of attending university. Round your payment to the nearest whole dollar.

(

Hint

,

Use the PMT function and set the PV

= 90000

and the FV

= 0 .

Posted Date: May 10, 2024 01:53 AM

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You did a great job and your adult child is headed for university with a college fund

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Expert Answer:

Thank you Lets calculate the semiannual payment using the PMT functi... View the full answer

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