SOLUTION: I need help on a word problem I hope this is the right place to ask. Thank you. A teacher wants to have $250,000 at retirement in 30 years by making a one time deposit in an acc

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Question 61862: I need help on a word problem I hope this is the right place to ask. Thank you.
A teacher wants to have $250,000 at retirement in 30 years by making a one time deposit in an account offering 7% interest compounded quarterly. How much does the teacher need to deposit?
Use the formula:
P= A/(1+r/n)^nt
Found 2 solutions by stanbon, josmiceli:
Answer by stanbon(48535) About Me  (Show Source):
You can put this solution on YOUR website!
A teacher wants to have $250,000 at retirement in 30 years by making a one time deposit in an account offering 7% interest compounded quarterly. How much does the teacher need to deposit?
Use the formula:
P= A(1+r/n)^nt
250000=A(1+0.07/4)^(4*30)
250000=A(8.0191834...)
A=$31,175.24 (amount she needs to deposit)
Cheers,
Stan H.

Answer by josmiceli(6784) About Me  (Show Source):
You can put this solution on YOUR website!
I'll try
P=+A%2F%281%2Br%2Fn%29%5Ent
P+=+250000+%2F+%281+%2B+.07%2F4%29%5E%284%2A30%29
P+=++25%2A10%5E4+%2F+%284.07%2F4%29%5E120
log%28P%29+=+log%2825%2A10%5E4+%2F+%284.07%2F4%29%5E120%29
log%28P%29+=+log%2825%29+%2B+log%2810%5E4%29+-+log%281.0175%5E120%29
log%28P%29+=+1.398+%2B+4+-+120%2A%28.00753%29
log%28P%29+=+5.398+-+.904
log%28P%29+=+4.494
P+=+10%5E4.494
P+=+31188
The deposit should be $31,188
Unless my calculator or I made an error