Mr. and Mrs. Tran are expecting a baby girl in a few days. They want to put away money for her college education now. How much money should they deposit in an account paying 10.2% so they will have $100,000 in 18 years to pay for their daughter's educational expenses? P =unknown r =10.2% or 0.102 n =monthly=12 A = $100,000 t =18years Formula A= P (1+r/n)^nt rearranging P= A/(1+r/n)^nt P = 100000/(1+(0.102/12))^(12)(18) P= 100000/(1+0.0085)^216 P= 100000/(1.0085)^216 P= 100000/6.2229305 P=$16,069.60 Therefore, Mr. and Mrs. Tran should deposit in an account $16,069.60 to earn up to $100,000 in 18 years for their daughter's education expenses. I see you have put in a lot of effort into typing up the steps for this problem and you have clearly understood the participation post instructions. Good. But please note that this problem does not say "how much money should they deposit at the end of each month...". Therefore, you cannot assume n = 12. This is a compound interest problem involving a lumpsum amount. Does this make sense and if yes, can you revisit the calculations and come back with an updated post? Mr. and Mrs. Tran are expecting a baby girl in a few days. They want to put away money for her college education now. How much money should they deposit in an account paying 10.2% so they will have $100,000 in 18 years to pay for their daughter's educational expenses? P =unknown r =10.2% or 0.102 n =monthly=12 A = $100,000 t =18years Formula A= P (1+r/n)^nt rearranging P= A/(1+r/n)^nt P = 100000/(1+(0.102/12))^(12)(18) P= 100000/(1+0.0085)^216 P= 100000/(1.0085)^216 P= 100000/6.2229305 P=$16,069.60 Therefore, Mr. and Mrs. Tran should deposit in an account $16,069.60 to earn up to $100,000 in 18 years for their daughter's education expenses. I see you have put in a lot of effort into typing up the steps for this problem and you have clearly understood the participation post instructions. Good. But please note that this problem does not say "how much money should they deposit at the end of each month...". Therefore, you cannot assume n = 12. This is a compound interest problem involving a lumpsum amount. Does this make sense and if yes, can you revisit the calculations and come back with an updated post? Mr. and Mrs. Tran are expecting a baby girl in a few days. They want to put away money for her college education now. How much money should they deposit in an account paying 10.2% so they will have $100,000 in 18 years to pay for their daughter's educational expenses? I see you have put in a lot of effort into typing up the steps for this problem and you have clearly understood the participation post instructions. Good. But please note that this problem does not say "how much money should they deposit at the end of each month...". Therefore, you cannot assume n = 12. This is a compound interest problem involving a lumpsum amount. Does this make sense and if yes, can you revisit the calculations and come back with an updated post? P =unknown r =10.2% or 0.102 n = 1 (interest compounded once per year) A = $100,000 t = 18 years Formula A= P(1 + r/n)^(nt) rearranging P= A/(1 + r/n)^(nt) P = 100000/(1 + .102/1)^(1*18) P = $17,407.295 P = $17,407.30 Therefore, Mr. and Mrs. Tran should deposit $17,407.30 in an account to earn $100,000 in 18 years for their daughter's educational expenses