Question: Question 5 1 pts Pat's parents decide to set up a college fund on his oth birthday. They would like for the fund to be

 Question 5 1 pts Pat's parents decide to set up acollege fund on his oth birthday. They would like for the fund

Question 5 1 pts Pat's parents decide to set up a college fund on his oth birthday. They would like for the fund to be worth $50,947 on his 18th birthday. They make semi-annual payments into an account earning interest at an annual rate of 6.1%, compounded semi-annually. Find the size of the semi-annual payments required in order for the parents to have saved the desired amount by Pat's 18th birthday. Round your answer to two decimal places. Question 6 1 pts Matt's parents decide to set up a college fund on his 9th birthday. They would like for the fund to be worth $53,181 on his 18th birthday. The make semi-annual payments into an account earning interest at an annual rate of 4.7%, compounded semi-annually. a. Find the size of the semi-annual payments required in order for the parents to have saved the desired amount by Matt's 18th birthday. b. Find the total amount deposited by the parents. C. As of Matt's 18th birthday. find the total amount of interest earned by the account. Enter the answer to Part c in the box below. Round your answer to the nearest dollar.\f

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!