SOLUTION: I want to have a college fund of $95,000. in 15 years. What should my initial deposit be today with an APR of 6% compounded daily? TY
wineaux0419@yahoo.com
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: I want to have a college fund of $95,000. in 15 years. What should my initial deposit be today with an APR of 6% compounded daily? TY
wineaux0419@yahoo.com
Log On
Question 835949: I want to have a college fund of $95,000. in 15 years. What should my initial deposit be today with an APR of 6% compounded daily? TY
wineaux0419@yahoo.com Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! I want to have a college fund of $95,000. in 15 years. What should my initial deposit be today with an APR of 6% compounded daily?
-----------
A(t) = P(1+(r/n))^(nt)
-------
95000 = P(1 + 0.06)^(15
----
P = 95000/(1.06)^15 = $39,640.18
======================================
Cheers,
Stan H.
==================
(