SOLUTION: If a couple on their 10th wedding anniversary wishes to have $50,000 available on their 25th wedding anniversary for a special trip, exactly how much (nearest cent) would they have

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Question 1129903: If a couple on their 10th wedding anniversary wishes to have $50,000 available on their 25th wedding anniversary for a special trip, exactly how much (nearest cent) would they have to put in the back at 4.5% APR compounded quarterly?
Found 2 solutions by josmiceli, MathTherapy:
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+50000+=+P%2A%28+1+%2B+.045%2F4+%29%5E%28+4%2A25+%29+
+50000+=+P%2A1.01125%5E100+
+50000+=+P%2A3.06093+
+p+=+16334.90+
They would have to bank $16,334.90
check the math

Answer by MathTherapy(10552) About Me  (Show Source):
You can put this solution on YOUR website!

If a couple on their 10th wedding anniversary wishes to have $50,000 available on their 25th wedding anniversary for a special trip, exactly how much (nearest cent) would they have to put in the back at 4.5% APR compounded quarterly?
Present Value of Future Value amount of $50,000, compounded quarterly for 15 years, at 4.5%: highlight%28highlight_green%28highlight%28%22%2425%2C553.94%22%29%29%29