Hector's parents anticipate needing $80,000 when he is 18 for his college education. If he is 5 years old now, how much should they invest in an investment plan that pays 6.23% compounded quarterly? Hector ended up getting a full scholarship. His parents agreed to let him draw the interest off the investment account each quarter (3 months) for expenses. How much will Hector receive each quarter?
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Home » Mathematics » Hector's parents anticipate needing $80,000 when he is 18 for his college education. If he is 5 years old now, how much should they invest in an investment plan that pays 6.23% compounded quarterly? Hector ended up getting a full scholarship.