What is the answer to y the in the problem 8y+y=63
1 answer:
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Answer:
Lucy needs to invest $55,194.16
Step-by-step explanation:
The given information are;
The interest rate of the account = 7% compounded daily
The amount at the end of 6 years = $84,000
The time duration = 6 years
The amount Lucy
The formula for compound interest is
Where;
r = The interest rate = 7% = 0.07
n = The number of times a year = 365
t = The number years = 6 years
A(t) = The amount after 6 years = $84,000
P = The initial amount invested
Therefore, we have;
Therefore, Lucy needs to invest $55,194.16.