anonymous
  • anonymous
Help! Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at a 10.5% annual interest rate, compound quartly, in order to have $50,000 at the end of 15 years?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
\[50000=P\left(1+\frac{.105}{4}\right)^{60}\] is a start solve for P
anonymous
  • anonymous
pretty much of a calculator exercise, as \[P=\frac{50,000}{\left(1+\frac{.105}{4}\right)^{60}}\]
anonymous
  • anonymous
a better question is where in the world are you going to get 10.5% interest?!

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anonymous
  • anonymous
haha yeah! what's up with that.
anonymous
  • anonymous
so far I'm getting 4.73 then I get 10570.82
anonymous
  • anonymous
is 10570.82 correct?

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