Parents wish to have $130,000 available for a child's education. If the child is now 3 years old, how much money must be set aside at 6% to meet their financial goal when the child is 18? Click the...

Extracted text: Parents wish to have $130,000 available for a child's education. If the child is now 3 years old, how much money must be set aside at 6% 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 n A A = P 1+ A = Pert nt Y = P = - 1 1 + Print Done