document.write( "Question 227777: My daughter just started 1st grade, I want to have 50,000 in a college fund when she graduates High school. (June) How much would I have to deposit now to reach my goal? getting 8% interest compounded monthly?\r
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Algebra.Com's Answer #169227 by nerdybill(7384)\"\" \"About 
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My daughter just started 1st grade, I want to have 50,000 in a college fund when she graduates High school. (June) How much would I have to deposit now to reach my goal? getting 8% interest compounded monthly?
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\n" ); document.write( "Compound interest formula:
\n" ); document.write( "http://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm
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\n" ); document.write( "Years to graduation: 17 years
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\n" ); document.write( "A = P(1 + r/n)^(nt)
\n" ); document.write( "For your problem
\n" ); document.write( "A is $50,000
\n" ); document.write( "P is principal (what we're solving for)
\n" ); document.write( "n is 12 (compounded monthly)
\n" ); document.write( "r is .08
\n" ); document.write( "t is 17
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\n" ); document.write( "50000 = P(1 + .08/12)^(12*17)
\n" ); document.write( "50000 = P(1.00667)^(204)
\n" ); document.write( "50000 = P(3.8786)
\n" ); document.write( "$12,891.09 = P
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