SOLUTION: You want to have a 70,000 college fund in 16years how much would I have invested at 5%?

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Question 1033549: You want to have a 70,000 college fund in 16years how much would I have invested at 5%?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
You want to have a 70,000 college fund in 16years
how much would I have invested at 5% ?
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Assuming simple interest::
A(t) = P(1+rt)
70,000 = P(1 + 0.05*16)
70,000 = P(1.8)
P = $38,888.88
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Cheers,
Stan H.
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