document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=833429>Question 833429</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A couple just had a baby. How much should they invest now at 5.5% compounded weekly in order to have $60,000 for the child’s education 19 years from now? Round to the nearest dollar. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #502578 by </B><A HREF=/tutors/aboutme.mpl?userid=nerdybill><B>nerdybill(7384)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=nerdybill><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=nerdybill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=502578\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A couple just had a baby. How much should they invest now at 5.5% compounded weekly in order to have $60,000 for the child’s education 19 years from now? Round to the nearest dollar.<BR>\n" );
document.write( ".<BR>\n" );
document.write( "Compound interest formula:<BR>\n" );
document.write( "A = P(1+r/n)^(nt)<BR>\n" );
document.write( "where<BR>\n" );
document.write( "A=60000<BR>\n" );
document.write( "P is what we're looking for<BR>\n" );
document.write( "r=.055<BR>\n" );
document.write( "n=52<BR>\n" );
document.write( "t=19<BR>\n" );
document.write( ".<BR>\n" );
document.write( "plug it all in<BR>\n" );
document.write( "60000 = P(1+.055/52)^(52*19)<BR>\n" );
document.write( "60000 = P(1+0.00105769231)^988<BR>\n" );
document.write( "60000 = P(1.00105769231)^988<BR>\n" );
document.write( "60000 = P(2.8418286765312691531872438722308)<BR>\n" );
document.write( "60000/2.8418286765312691531872438722308 = P<BR>\n" );
document.write( "$21113.17 = P </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );