trust fund for a childs education is being set up by a single payment so that at the end of 15 years there will be shs 24,000,000. If the fund earns interest at the rate of 7% compounded semi-annually how much money should be paid into the fund initially?

trust fund for a childs education is being set up by a single payment so that at the end of 15 years there will be shs 24,000,000. If the fund earns interest at the rate of 7% compounded semi-annually how much money should be paid into the fund initially?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 10RE: If 90,000 is invested in a fund on December 31, 2019, and 5 equal annual withdrawals of 23,138.32...

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trust fund for a childs education is being set up by a single payment so that at the end of 15 years there will be shs
24,000,000. If the fund earns interest at the rate of 7% compounded semi-annually how much money should be paid
into the fund initially?

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