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On the day their son, Peter, was born, Madeline and Ben invested $1500 for his...

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Basic Math

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On the day their son, Peter, was born, Madeline and Ben invested $1500 for his education at 6.7% interest, compounded quarterly. Today is Peter's birthday. He is 19 years old and wants to go to college. a) Circle the four important pieces of information in the question. b) Use a TMV Solver to determine the value of the investment today. Fill in the box on the right. c) How much interest did the investment earn? d) How much interest would the investment have earned in a savings account that paid 0.7% interest per year, compounded yearly? N 1% PV PMT FV P/Y C/Y PMT: END BEGIN

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