jasmynemims jasmynemims
  • 15-02-2024
  • 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? (hint: use the second answer button on your calculator) round to the nearest penny/hundredth

Respuesta :

georgepahno georgepahno
  • 15-02-2024

Answer:

P(1 + .028/365)²⁹²⁰ = $25,500

P = $25,500/(1 + .028/365)²⁹²⁰

= $20,382.71

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