##### need percentage help

 Algebra Tutor: None Selected Time limit: 1 Day

becky would like to have at least \$250,00 saved for her daughter's college education. if she invests \$80,000 in an education account paying 7.15% interest compounded quarterly, will she reach her goal in 18 years?

Aug 30th, 2015

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

where P = 80000 , r = 7.15%  or 0.0715   n = 4   t = 18

substituting values we get,

80000*(1+0.0715/4)^(4*18) = 80000*(1.017875)^(72)=80000*(3.5809) = 286477.31

hence Interest Earned CI = A- P = 286477.31-80000   = 206477.31   (Earned interest)

since interested earned is greater than required amount \$ 25000, hence Answer is Yes HE will be able to save money for daughters education

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Aug 30th, 2015

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Aug 30th, 2015

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