The amount of money that should be invested at 7% compounded daily is $199,421.68.
<h3>How to calculate compound interest.</h3>Mathematically, compound interest is given by this formula:
<u>Where:</u>
- A is the future value.
- P is the principal.
- R is the interest rate.
- T is the time measured in years.
- n is the number of times compounded.
<u>Given the following data:</u>
Future value = $200,000.
Interest rate = 7% = 0.07.
Time = 15 year.
Substituting the given parameters into the formula, we have;
P = $199,421.68.
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