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The lump sum needed to be invested in an account that pays 6.6% compounded daily in terms of getting about $10,000 in 10 years is $ A

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Answer:

To the lump sum needed to be invested to receive $10,000 in 10 years at 6.6% interest compounded daily, we can use the present value formula:

PV = FV / (1 + r/n)^(n*t)

where PV is the present value or the initial investment, FV is the future value or the amount we want to end up with, r is the annual interest rate in decimal form, n is the number of times the interest is compounded per year, and t is the time in years.

Plugging in the numbers, we get:

PV = 10000 / (1 + 0.066/365)^(365*10)

= 4874.49

Therefore, the lump sum needed to be invested is about $4,874.49.

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