solving for future value (pls help thanks)

Question

Mr. Netto wants to pay for his college tuition in 4 years which will cost $24,000. How much should he invest today at an interest rate of 4.8% compounded monthly

Answer 1

general formula is

A=P(1 + r/n)^nt

where P= starting amount = $1589.31

A=ending amount = $2400

t = years = 4

r= annual interest rate = 4.8% = 0.048

n=number of times compounded per year = 12

24,000=P(1+ 0.048/12)^12(4)

24,000 = P(1.004)^48

P = 24000/(1.004)^48

P=$1589.31 rounded off to nearest cent