Patricia and Joe Payne are divorced. The divorce settlementstipulated that Joe p

Question

Patricia and Joe Payne are divorced. The divorce settlementstipulated that Joe pay $525 a month for their daughter Suzanneuntil she turns 18 in 4 years. How much must Joe set aside today tomeet the settlement? Interest is 6% a year. (Round youranswer to 2 decimal places. Omit the "$" sign in yourresponse.)
I can't figure out what i am doing wrong here any help would begreat. Thanks in advance Patricia and Joe Payne are divorced. The divorce settlementstipulated that Joe pay $525 a month for their daughter Suzanneuntil she turns 18 in 4 years. How much must Joe set aside today tomeet the settlement? Interest is 6% a year. (Round youranswer to 2 decimal places. Omit the "$" sign in yourresponse.)
I can't figure out what i am doing wrong here any help would begreat. Thanks in advance

Explanation / Answer

Are you using continuous compounding or monthly compounding?

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