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KINDLY HELP! THANKS! A problem is listed below. Identify its type.
KINDLY HELP! THANKS!
A problem is listed below. Identify its type.
Beginning in 3 years, a new Booster Club at a certain high school would like to award an outstanding senior on the varsity soccer team with a check of $3,000 towards the student's college tuition. Since there is a boy and girl team, they wish to award one senior boy and one senior girl the same amount of money. Thus, the club will need $6,000 at the end of 3 years. How much must the booster club invest each semiannual period in an account that pays 3% per year compounded semiannually to have the desired funds in 3 years?
a) Present Value of an Annuity
b) Sinking Fund
d) Future Value with compound interest
e)Future Value of an Annuity
f) None of the above.