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Alex_Xolod [135]
3 years ago
15

Austin is going to invest in an account paying an interest rate of 2.2% compounded daily. How much would Austin need to invest,

to the nearest hundred dollars, for the value of the account to reach $27,000 in 6 years?
Mathematics
1 answer:
Korolek [52]3 years ago
5 0

Answer:

  $23,700

Step-by-step explanation:

The compound interest formula can be helpful for this. Fill in the given values and solve for the unknown.

  FV = P(1 +r/n)^(nt)

where r is the annual interest rate, n is the number of times interest is compounded in a year, t is the number of years, P is the amount invested, and  FV is the future value of that investment.

  $27,000 = P(1 +0.022/365)^(365·6) = 1.1411037P

  P ≈ $23,700

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Answer:

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The question is incomplete. The complete question has been added as an attachment.

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x-axis (horizontal), y-axis (vertical)

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Step-by-step explanation:

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# learn more:

13 subtracted from thrice of a number.

brainly.in/question/7972837

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