Final answer:
To find out how much you need to invest in an account earning an annual interest rate of 4.421% compounded daily, so that your money will grow to $6,410.00 in 41 days, you can use the formula for compound interest.
Step-by-step explanation:
To find out how much you need to invest in an account earning an annual interest rate of 4.421% compounded daily, so that your money will grow to $6,410.00 in 41 days, we can use the formula for compound interest:
Final Amount = Principle Amount * (1 + Rate / Number of Compounding Periods)^(Number of Compounding Periods * Time)
Using this formula, we can substitute the values into the formula:
$6410 = Principle Amount * (1 + 0.04421/365)^(365 * 41)
Simplifying this equation, we get:
Principle Amount = $6410 / (1 + 0.04421/365)^(365 * 41)
Calculating this expression will give us the amount you need to invest in the account to reach the desired amount after 41 days.