SOLUTION: the cost of tuition to the college of your choice for all 4 years is estimated to be $60,000 if your uncle wanted to pay your entire tuition by investion in an account that compoun

Question 1078538: the cost of tuition to the college of your choice for all 4 years is estimated to be $60,000 if your uncle wanted to pay your entire tuition by investion in an account that compounded annually at a rate of 4% for 18 years how much would he have had to intiqlly invest ?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
60000=Po(1+.04)^18
60000=Po*2.0258
Don't round but divide by the 2.0258
Po=$29617.29, round here.
RELATED QUESTIONS
MAT: Topics in Contemporary Math Loans 4) How much does college really cost?... (answered by math_tutor2020)

Bill's parents are helping to pay for his college tuition. His parents will pay 3/4 of... (answered by strawberrygirl183)

The table lists the average annual cost of tuition and fees at private 4-year colleges... (answered by greenestamps)

The table lists the average annual cost of tuition and fees at private 4-year colleges... (answered by Boreal)

Anthony decides to help his new niece attend a private college in 18 years. The projected (answered by Theo)

The table lists the average annual cost of tuition and fees at private 4-year colleges... (answered by greenestamps)

3. The yearly cost T, in thousands of dollars, of tuition and required fees at a private... (answered by stanbon)

In state tuition at a local college was $3619 last year. This year the tuition will be... (answered by Boreal)

At Tehachapi College the tuition has increased 20% for each of the last two years. If... (answered by nerdybill)