Parents wish to have $110,000 available for a child's education. If the child is now 9 years old, how much money must be set aside at 5% compounded semiannually to meet their financial goal when the...

Extracted text: Parents wish to have $110,000 available for a child's education. If the child is now 9 years old, how much money must be set aside at 5% compounded semiannually to meet their financial goal when the child is 18? Click the icon to view some finance formulas. ..... The amount that should be set aside is $ (Round up to the nearest dollar.) Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. nt A P = A =Pert Y = - 1 nt 1+