Question

Brianna is going to invest in an account paying an interest rate of 5.2% compounded daily. How much would Brianna need to invest, to the nearest ten dollars, for the value of the account to reach $6,600 in 11 years?

Answer 1

98086

Explanation:

Answer 2

3398.1761

Explanation:

Using compound interest relation:

A = P(1 + r/n)^nt

5.2 / 100 = 0.052

n = 365 * 12 = 4380

6000 = P(1 + 0.052/4380)^4380*11

6000 = P(1.0000118)^48180

6000 = 1.7656530P

P = 6000/ 1.7656530

P = 3398.1761