document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=539766>Question 539766</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much should parents invest today at 6.24% compounded monthly, in order to have 65,000 for their child's educations in 18 years from now? I would appreciate a step by step walkthrough! Thanks! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #353530 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=353530\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Principal P =	x												<BR>\n" );
document.write( "Amount=	65000												<BR>\n" );
document.write( "years=n	18												<BR>\n" );
document.write( "compounded	12	times a year											<BR>\n" );
document.write( "Rate =	6.24			0.520									<BR>\n" );
document.write( "Amount =	P*((n+r)/n)^n												<BR>\n" );
document.write( "													<BR>\n" );
document.write( "65000	=	x*(1+r/n)^n					<BR>\n" );
document.write( "													<BR>\n" );
document.write( "													<BR>\n" );
document.write( "65000	=	P(1+0.0624/12	)^12*18<BR>\n" );
document.write( "													<BR>\n" );
document.write( "65000	=	P(	1.00520	)^	216								<BR>\n" );
document.write( "													<BR>\n" );
document.write( "65000	/(	1.01	)^	216	=	P							<BR>\n" );
document.write( "													<BR>\n" );
document.write( "P=	21202.04												<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );