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?

asked Jan 20, 2022 163k views

10 votes

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13 votes

Answer:

$20,382.71

Explanation:

We have the following equation for compounding interest

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

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