SOLUTION: You want to have a $75, 000 college fund in 15 years. how much will you have to deposit now in an account with an APR of 6% and monthly compounding? I am having a really hard ti

Question 545688: You want to have a $75, 000 college fund in 15 years. how much will you have to deposit now in an account with an APR of 6% and monthly compounding?
I am having a really hard time with the formula for this and entering it into my calculator correctly. Please help me. I have a final tomorrow and I want to pass with flying colors. Thank you in advance for your time.
Meranda
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
75000=P(1.005)^180
75000=P(2.454)
P=75000/2.454
P=$30,562.35
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