SOLUTION: how much must a man 35 years of age deposit in a savings account today in a bank paying 4 1/2 % compounded quarterly in order to have $25000 in the account 25 years from now?

Question 545669: how much must a man 35 years of age deposit in a savings account today in a bank paying 4 1/2 % compounded quarterly in order to have $25000 in the account 25 years from now?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
how much must a man 35 years of age deposit in a savings account today in a bank paying 4 1/2 % compounded quarterly in order to have $25000 in the account 25 years from now?
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A(t) = P(1+(r/n))^(nt)
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25000 = P(1+(0.045/4))^(4*25)
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250000 = P(3.0609)
P = $81674.51
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Cheers,
Stan H.
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