SOLUTION: I want to have a college fund of $95,000. in 15 years. What should my initial deposit be today with an APR of 6% compounded daily? TY wineaux0419@yahoo.com

Question 835949: I want to have a college fund of $95,000. in 15 years. What should my initial deposit be today with an APR of 6% compounded daily? TY
wineaux0419@yahoo.com
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
I want to have a college fund of $95,000. in 15 years. What should my initial deposit be today with an APR of 6% compounded daily?
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A(t) = P(1+(r/n))^(nt)
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95000 = P(1 + 0.06)^(15
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P = 95000/(1.06)^15 = $39,640.18
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Cheers,
Stan H.
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