document.write( "Question 280019: Please solve this word problem: How much money should parents deposit today in a college fund earning 5% compound quarterly, so that it will accumulate to $150,000.00 in 15 years? \n" ); document.write( "

Algebra.Com's Answer #854167 by ikleyn(53742) $\"\"$ $\"About$

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\n" ); document.write( "Please solve this word problem: How much money should parents deposit today in a college fund
\n" ); document.write( "earning 5% compound quarterly, so that it will accumulate to $150,000.00 in 15 years?
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\n" ); document.write( "\n" ); document.write( " The basic formula and the calculations in the post by @mananth are incorrect.\r
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document.write( "Use the formula of the future value of a discretely compounded account\r\n" );
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document.write( "    150000 = .\r\n" );
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document.write( "where P is the unknown deposited value.\r\n" );
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document.write( "From this formula\r\n" );
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document.write( "    P =  = 71185.14 dollars.\r\n" );
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document.write( "ANSWER.  $71,185.14 should be deposited today.\r\n" );
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\n" ); document.write( "\n" ); document.write( "Solved correctly.\r
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