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    jdub2's Avatar
    jdub2 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 22, 2009, 01:05 PM
    Need $75000 in 6 yrs @ 6% comp semiannually. What be deposited today
    Going to college in six years. I need $75,000. If I get 6% interest compounded simiannually, how much do I need to deposit today?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Dec 23, 2009, 12:02 AM

    1 1 1.03
    2 1.03 1.0609
    3 1.0609 1.092727
    4 1.092727 1.12550881
    5 1.12550881 1.159274074
    6 1.159274074 1.194052297
    7 1.194052297 1.229873865
    8 1.229873865 1.266770081
    9 1.266770081 1.304773184
    10 1.304773184 1.343916379
    11 1.343916379 1.384233871
    12 1.384233871 1.425760887

    75,000.00 52,603.49
    You need to deposit $52,603.49.
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