SOLUTION: You want to have a 70,000 college fund in 16years how much would I have invested at 5%?

SOLUTION: You want to have a 70,000 college fund in 16years how much would I have invested at 5%?

Algebra.Com

Question 1033549: You want to have a 70,000 college fund in 16years how much would I have invested at 5%?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
You want to have a 70,000 college fund in 16years
how much would I have invested at 5% ?
----
Assuming simple interest::
A(t) = P(1+rt)
70,000 = P(1 + 0.05*16)
70,000 = P(1.8)
P = $38,888.88
---------------
Cheers,
Stan H.
-------------
-------
RELATED QUESTIONS
Suppose you have a newborn baby and you want to start a college fund for when the baby is (answered by Theo)

You want to have a $75, 000 college fund in 15 years. how much will you have to deposit... (answered by rfer)

My daughter just started 1st grade, I want to have 50,000 in a college fund when she... (answered by nerdybill)

Sue and Tom have a new baby and wish to create a college fund for the child at age 18.... (answered by josmiceli)

You want to have a $25,000 college fund in 5 years. How much will you have to deposit now (answered by lwsshak3)

You want to have a $60,000 college fund in 12 years. How much will you have to deposit... (answered by addingup,MathTherapy)

You want to have $25,000 college fund in 5 years. How much will you have to deposit now... (answered by Cromlix)

You want to have a $ 54,516 college fund in 23 years. How much will you have to deposit... (answered by josgarithmetic)

Your baby is born, and you want to make monthly payments into a college fund over the... (answered by addingup,MathTherapy)