Miranda wants to give her 14-year-old daughter $20,000 when she turns 18. How much does she need to put in the bank now if the interest rate is 10 percent per year?

I need an answer not a equation my calculator wont do it.

Question

Miranda wants to give her 14-year-old daughter $20,000 when she turns 18. How much does she need to put in the bank now if the interest rate is 10 percent per year?

I need an answer not a equation my calculator wont do it.

anonymous · Answer

An answer without work (equation) isnt worth too much. You will not learn anything. You are here to learn how to solve problems.

anonymous · Answer

I know how to write it$$P \div(1+i)^{4}$$ but I cant get the answer.

anonymous · Answer

I found the answer but not by using that stupid equation. its 13,660 I think it was

anonymous · Answer

With that poor attitude, I opt out of this problem.

anonymous · Answer

haha you do that.

anonymous · Answer

but thanks anyway