leighsavania leighsavania

10-02-2021
Mathematics

contestada

How much money do you need to invest at 2.8% compounded daily in order to have $25,500 at the end of 8 years?

Respuesta :

madethisfortwitch1 madethisfortwitch1

10-02-2021

Answer:

$20,382.71

Step-by-step explanation:

We have the following equation for compounding interest

[tex]FV=PV(1+\frac{i}{n})^{(n*t)}\\\\25500=x(1+\frac{.028}{365})^{365*8}\\25500=1.251x\\20382.711[/tex]

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