Homework Answers
Amount needed = 227,400
Time required = 15 years
Rate of interest = 6% compounded semi annually which is effective at (1 + 6%/2)^2 - 1 = 6.09%
Investment required today = 227,400 * (P/F, 6.09%, 15)
= 227,400 * (1 + 6.09%)^-15
= $93,685.79
This is the required answer.
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