document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1058997>Question 1058997</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much should a couple invest at the time their son is born to provide him with $50,000 for his college tuition. If the interest is 3.5% compounded quarterly(Assume he is 18 when he goes to college) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #674150 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=674150\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> How much should a couple invest at the time their son is born to provide him with $50,000 for his college tuition. If the interest is 3.5% compounded quarterly(Assume he is 18 when he goes to college) <BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(n*t)<BR>\n" );
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document.write( "50,000 = P(1+0.035/4)^(4*18)<BR>\n" );
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document.write( "50,000 = P(1.00875)^(72)<BR>\n" );
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document.write( "50,000 = P(1.8725)<BR>\n" );
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document.write( "Ans: P = $26,702.27<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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