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Tou want to heve a
$100,000 college fund in 20 years. How much will you have to deposit now in an account with an APR of
5% and dally compounding?

P=(A)/((1+((APR)/(n)))^(ny))

$35,950.49

$36.794.39

$36,790.46

$38,940.29

Tou want to heve a $\$ 100,000$ college fund in $20$ years. How much will you have to deposit now in an account with an APR of $5 \%$ and dally compounding? $\newline$ $P=\frac{A}{\left(1+\left(\frac{A P R}{n}\right)\right)^{n y}}$ $\newline$ $\$ 35,950.49$ $\newline$ $\$ 36.794 .39$ $\newline$ $\$ 36,790.46$ $\newline$ $\$ 38,940.29$

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Write linear functions: word problems

Full solution

Q. Tou want to heve a

\$ 100,000

college fund in

20

years. How much will you have to deposit now in an account with an APR of

5 \%

and dally compounding?

\newline

P=\frac{A}{\left(1+\left(\frac{A P R}{n}\right)\right)^{n y}}

\newline

\$ 35,950.49

\newline

\$ 36.794 .39

\newline

\$ 36,790.46

\newline

\$ 38,940.29

Identify variables: Identify the variables for the formula: $P = \frac{A}{(1 + (\frac{APR}{n}))^{(ny)}}$ $\newline$ Here, $A = \$100,000$ (future value), $APR = 0.05$ ( $5$ \%), $n = 365$ (daily compounding), and $y = 20$ (years).
Plug values into formula: Plug the values into the formula to calculate $P$ . $P = \frac{\$100,000}{(1 + (0.05/365))^{365\times 20}}$
Calculate denominator: Calculate the denominator $(1 + (0.05/365))^{365\times 20}$ . $\newline$ Denominator = $(1 + (0.05/365))^{365\times 20}$
Find denominator value: Use a calculator to find the value of the denominator. $\newline$ Denominator $\approx (1 + 0.0001369863)^{7300}$ $\newline$ Denominator $\approx 2.653297705$
Divide to find present value: Divide the future value by the denominator to find the present value $P$ . $P = \frac{\$100,000}{2.653297705}$ $P \approx \$37,690.79$

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