document.write( "Question 589087: The Jacksons are opening a saving account for their childs education. In 18 years they will need about 134,000. If the account earns 6% simple interest, how much money much they invest now to cover the cost of the college. I need to know how to write the equation. Thank you!\r
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Algebra.Com's Answer #374718 by lwsshak3(11628)\"\" \"About 
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The Jacksons are opening a saving account for their childs education. In 18 years they will need about 134,000. If the account earns 6% simple interest, how much money much they invest now to cover the cost of the college. I need to know how to write the equation.
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\n" ); document.write( "Assume interest is compounded each year.
\n" ); document.write( "compound interest formula: A=P(1+r)^n, P=initial investment, r=interest rate per period, n=number of periods, A=amount after n periods.
\n" ); document.write( "For given problem:
\n" ); document.write( "P=what we want to find
\n" ); document.write( "r=.06
\n" ); document.write( "n=18
\n" ); document.write( "A=134000
\n" ); document.write( "..
\n" ); document.write( "134000=P(1+.06)^18
\n" ); document.write( "134000/(1.06)^18=P
\n" ); document.write( "using calculator:
\n" ); document.write( "P≈$46,946 (money that must be invested now to cover the cost of college)\r
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