Question

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?​

Answer 1

$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`