Asked by Gabriel
                Your goal is to create a college fund for your child. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $83,000 in 18 years?
            
            
        Answers
                    Answered by
            oobleck
            
    Just use your formula to solve for P
P((1+.05/12)^(12*18) - 1)/.05 = 83000
    
P((1+.05/12)^(12*18) - 1)/.05 = 83000
                    Answered by
            mathhelper
            
    The divisor should have been .05/12 , not .05
    
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