document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=835949>Question 835949</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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<BR>\n" );
document.write( "wineaux0419@yahoo.com </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #503861 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=503861\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  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? <BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
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document.write( "95000 = P(1 + 0.06)^(15<BR>\n" );
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document.write( "P = 95000/(1.06)^15 = $39,640.18<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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