SOLUTION: Please solve this word problem: How much money should parents deposit today in a college fund earning 5% compound quarterly, so that it will accumulate to $150,000.00 in 15 years?

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Question 280019: Please solve this word problem: How much money should parents deposit today in a college fund earning 5% compound quarterly, so that it will accumulate to $150,000.00 in 15 years?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Please solve this word problem: How much money should parents deposit today in a college fund earning 5% compound quarterly, so that it will accumulate to $150,000.00 in 15 years?
a= (p+r/4)*15
150000 = (p+5/4)*15
150000/15 -5/4= p
=9998.75