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3 years ago

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?

Mathematics

1 answer:

Dmitry [639]3 years ago

6 0

Answer:

$20,382.71

Step-by-step explanation:

We have the following equation for compounding interest

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

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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?​

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?