FV= 8,000
N= 5
I/Y= 5.2
PMT= 0
PV= 6,208.85
If you're compounding annually, the student will need place $6,208.85 into the account.
A student wants to save $8000 for college in five years. How muh should he put into a account that pays 5.2% annual interest compounded continuously.
