Austin is going to invest in an account paying an interest rate of 2.2% compounded daily. How much would Austin need to invest,
1 answer:
Answer:
Principal, P = $23675.90
Step-by-step explanation:
Given the following data;
Interest rate = 2.2 %
Future value = $27000
Time = 6 years
Number of times = 365 days
To find the principal amount, we would use the compound interest formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
Substituting into the equation, we have;
Principal, P = $23675.90
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<em>Comment on the problem statement</em>
Your expression for f(x) is ambiguous in that many Brainly questions have the exponentiation indicator replaced by a blank: 3 x -1 often means 3^x -1 and sometimes means 3^(x-1). We have taken the expression at face value and have assumed it is a linear expression. If otherwise, the problem is basically worked the same way: write a function h(x) = g(x) - f(x) and look for solutions to h(x) = 0. Graphing can be useful.
