Parents wish to have $100,00 available for a child’s education. If the child is now 9 years old, how much money must be set aside at 6% compounded semiannually to meet their financial goal when the child is 18. The amount that should be set aside is $. (Round up to the nearest dollar.)

$58,739.46   so $58,739

Step-by-step explanation:

I suspect you want $100,000      not $10000

  A = P(1 + r/t)^nt

A = final amount

P = initial principal

r = interest rate

n = number of times the interest is applied per time period

t = number of time periods elapsed

number of time periods is 18-9  = 9

semiannual 2   makes n = 2

A = 100,000

P =

r  = 0.06

n = 2

t  = 2

I used to finance calculator app to find P = 58739.46

and double checked by using the formula to find A

A = P(1 + r/t)^nt

   = 58739( 1 + 0.06/2)^(2(9))

  = 58739.46( 1.03)^18

  = 99999.9987

OR

A = P(1 + r/t)^nt            solve for P

P =  A/[(1 + r/t)^nt]

  =  10000/[(1 + 0.06/2)^(2(9))]

  =  100000 / [1.03^18]

 =  $58,739.46