SOLUTION: If Casey needs $95000 for college tuition in 13 years, what lump sum would he need to deposit into an account with an APR of 3.5% compounded quarterly to reach his savings goal?

Question 1068581: If Casey needs $95000 for college tuition in 13 years, what lump sum would he need to deposit into an account with an APR of 3.5% compounded quarterly to reach his savings goal?

Found 2 solutions by rfer, MathTherapy:
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
95000=P(1+0.035/4)^4*13
95000=P(1.000875)^52
95000/1.04653=P
90776.18=P
Answer by MathTherapy(10555) (Show Source): You can put this solution on YOUR website!

If Casey needs $95000 for college tuition in 13 years, what lump sum would he need to deposit into an account with an APR of 3.5% compounded quarterly to reach his savings goal?

Correct answer:
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