SOLUTION: You want to have a $60,000 college fund in 12 years. How much will you have to deposit now in an account with an interest rate of 5% and quarterly compounding?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: You want to have a $60,000 college fund in 12 years. How much will you have to deposit now in an account with an interest rate of 5% and quarterly compounding?
Log On
Question 1033003: You want to have a $60,000 college fund in 12 years. How much will you have to deposit now in an account with an interest rate of 5% and quarterly compounding? Found 2 solutions by addingup, MathTherapy:Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! A=P(1+r/n)^tn
60000=P(1+.05/4)^12×4
60000=P(1.1025)^48
60000=P(1.815) divide both sides by 1.1815
P=33057.85
You can put this solution on YOUR website!
You want to have a $60,000 college fund in 12 years. How much will you have to deposit now in an account with an interest rate of 5% and quarterly compounding?
