Molly scupper wants to attend clarke university. she will need $90,000 6 years from today. assume molly's bank pays 6% interest compounded quarterly. what must molly deposit today to have $90,000 in six years? verify your answer.

This is similar to exponential growth problems...

F=Ir^t  F=final, I=initial, r=rate, t=time, 

The main difference here is that the annual rate is compounded quarterly so

90000=I(1+.06/4)^(4t)

90000=I(1.015)^(4t)  and since t=6 we have:

90000=I(1.015^24)

I=$62,958.95

verify...

F=62958.95(1.015^24)

F=$89999.996

F=$90000.00  rounded to nearest cent

10,000 hope i ! : )