Help, How would you set this up?

Question

Hector and Yolanda want to establish a fund for their grandson's college education. What lump sum must they deposit at a 6.7% annual interest rate, compounded monthly, in order to have $30,000 in the fund at the end of 15 years?
(Round up to the next dollar, as needed.)

Answer 1

Use Total=p(1+r)^t

Where total is 30,ooo

p is the principal

r is the rate

t is the time