When a child is born you put a sum of money to the account so that the child can lift 17000 when she is 18 How much have you put in the first time if the intrest is 6%???
When a child is born you put a sum of money to the account so that the child can lift 17000 when she is 18 How much have you put in the first time if the intrest is 6%???
Let the original sum be x
The sum after year is
After years
After years
After years
So the fund has on the girls 18th birthday, now solve for .
(This is an initial sum of compounded annulaly for 18 years at a rate of 6%)