Your client wants to know how much she needs to invest this year so that her sister's new

child will have $$30,000$ on their ${18}^{th}$ birthday.

You tell her you have a product that will accomplish this, it compounds interest monthly, at

$5\mathrm{.}5\%$ interest for $18$ years, in other words in the compound interest formula you know, $A=$

$$30,000,n=12,r=0\mathrm{.}055,$ and $t=18.$ Plug these values into the formula and solve for $P$ the

amount needed to invest to accomplish her goal. In other words for the compound interest

formula $A=P(1+\frac{r}{n}{)}^{nt}$ solve for $P$ and get, $.$ Use the second formula to find