QUESTION 2 - Show formulas and calculations A babys grandparents want to set...
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QUESTION 2 -Show formulas and calculations
A babys grandparents want to set up an Education Savings Plan when shes born.
They want their investment to be worth $40,000 by the time the child is 18 years old.
They will invest in a GIC (Guaranteed Investment Certificate) that earns 3.5% interest per annum, compounded quarterly.
How much do they have to invest when the baby is born to reach their goal?
PART 2 - Compound Interest on a lump sum 14 QUESTION 2 - Show formulas and calculations A baby's grandparents want to set up an Education Savings Plan when she's born. They want their investment to be worth $40,000 by the time the child is 18 years old. They will invest in a GIC (Guaranteed Investment Certificate) that earns 3.5% interest per annum, compounded quarterly. How much do they have to invest when the baby is born to reach their goal? Submit
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