Parents wish to have $100,000 available for a child's education. If the child is now 10 years old, how much money must be set aside at 4% compounded semiannually to meet their financial goal when the child is 18?Click the icon to view some finance formulas.The amount that should be set aside is $(Round up to the nearest dollar.) FormulasIn the provided formulas, A is the balance in the account after t years, P is theprincipal investment, r is the annual interest rate in decimal form, n is the numberof compounding periods per year, and Y is the investment's effective annual yieldin decimal form.=ntAP =A = PertY=1ntA-P(1-1)* **(-)"-

Given information, Target amount (A) = $100,000Current age of the child = 10 yearsAnnual interest…

Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. = nt A P = A = Pert Y= 1 nt A-P(1-1)* **(-)" -