On The Day Of The Child’s Birth, A Proud Parent Deposits An Amount Of Money Into A Compound Interest Savings ?

account, which will earn 5% each year. On the child’s 18th birthday, the account will have accumulated $10,000. How much did the parent deposit on the day of the child’s birth?

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2 Responses to On The Day Of The Child’s Birth, A Proud Parent Deposits An Amount Of Money Into A Compound Interest Savings ?

  1. Irv S says:
    February 24, 2010 at 3:40 pm

    Hint:
    X * (1.05)^18 = 10,000

  2. Royal Scam says:
    February 24, 2010 at 9:44 pm

    $4,073.30