SOLUTION: You want to have a $90,000 college fund in 11 years. How much will you have to deposit now under the scenario below. Assume that you make no deposits into the account after the ini

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Question 257799: You want to have a $90,000 college fund in 11 years. How much will you have to deposit now under the scenario below. Assume that you make no deposits into the account after the initial deposit.
An APR of 5% compounded daily.
Answer by drk(1908) About Me  (Show Source):
You can put this solution on YOUR website!
We need the formula:
(i) A+=+P%281+%2B+%28r%2Fn%29%29%5E%28nt%29
from the given information, we have
(ii) 90000+=+P%281%2B%28.05%2F365%29%29%5E%28365%2A11%29
so,
(iii) 90000+=+P%281.73318773%29
dividing, we get
(iv) P+=+51927.44