Question

How much would you need to deposit in an account now in order to have $6000 in the account in 5 years? Assume the account earns 8% interest compounded daily.

Answer 1

Answer:

$$\frac{6000\cdot \:365^{1825}}{365.08^{1825}}$

Step-by-step explanation:

$x(1+.\frac{.08}{365})^{5\cdot \:365} =6000$

$x\frac{365.08^{1825}}{365^{1825}}=6000$

$x\frac{365.08^{1825}}{365^{1825}}\cdot \:365^{1825}=6000\cdot \:365^{1825};\quad \ne \mathrm{True}$

$365.08^{1825}x=6000\cdot \:365^{1825};\quad \ne \mathrm{True}$

$\frac{365.08^{1825}x}{365.08^{1825}}=\frac{6000\cdot \:365^{1825}}{365.08^{1825}};\quad \ne \mathrm{True}$

$x=\frac{6000\cdot \:365^{1825}}{365.08^{1825}};\quad \ne \mathrm{True}$

you cannot simplify further because of the high exponents

It is simply extremely hard to do compound interest problems backwards if it gets compounded daily

Mark brainliest please!