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Lily Henry wants to buy her son a car for his 21st birthday. If Lily’s son is turning 16 today, and interest is 8% per annum, compounded semiannually, what would Lily’s semiannual investment need to be if the car will cost $30,000 and the first payment is made six months from today?

Lily Henry wants to buy her son a car for his 21st birthday. If Lily’s son is turning 16 today, and interest is 8% per annum, compounded semiannually, what would Lily’s semiannual investment need to be if the car will cost $30,000 and the first payment is made six months from today?

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