Question

* How much would I need to deposit at 5.22% compounded daily for an investment to grow to $35,000 in 30 years?

Answer 1

The equation for solving the question would be:

`\begin{gathered} FV=PV\cdot(1+(r)/(n))^(tn) \\ FV=35000 \\ r=0.0522 \\ n=365 \\ t=30 \end{gathered}`
`\begin{gathered} 35000=PV\cdot(1+(0.0522)/(365))^(365\cdot30) \\ (35000)/((1+(0.0522)/(365))^(365\cdot30))=PV\text{ (Isolating Present Value)} \\ 7311.58=PV \\ \text{Answer is : \$}7311.58 \end{gathered}`