SOLUTION: You want to have a $ 54,516 college fund in 23 years. How much will you have to deposit now in an account with an APR of 6.3 % and monthly compounding?

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Question 1182490: You want to have a $ 54,516 college fund in 23 years. How much will you have to deposit now in an account with an APR of 6.3 % and monthly compounding?

Answer by josgarithmetic(39613) About Me  (Show Source):
You can put this solution on YOUR website!
p, invest now
p%281%2B0.063%2F12%29%5E%2823%2A12%29=54516
p(1+0.063/12)^(23*12)=54516
Solve for p.