SOLUTION: please help me.... I've tried and I keep failing Tony and Barbara want to have $30,000 in 10 years to help pay for their daughter's college tuition. If they invest in a mutual f

SOLUTION: please help me.... I've tried and I keep failing Tony and Barbara want to have $30,000 in 10 years to help pay for their daughter's college tuition. If they invest in a mutual f

Algebra.Com

Question 734939: please help me.... I've tried and I keep failing
Tony and Barbara want to have $30,000 in 10 years to help pay for their daughter's college tuition. If they invest in a mutual fund account that earns 10.5% compounded annually, how much should they invest now to achieve their goal?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+r)^t
30000=P(1.105)^10
30000=P(2.714)
30000/2.714=P
11053.80=P
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