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How much money do you need to invest at 2.8% compounded daily in order to have $25,500 at the end of 8 years?​

User Colm Ryan
by
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1 Answer

13 votes

Answer:

$20,382.71

Explanation:

We have the following equation for compounding interest


FV=PV(1+(i)/(n))^((n*t))\\\\25500=x(1+(.028)/(365))^(365*8)\\25500=1.251x\\20382.711

User Francesco Galgani
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7.6k points