Question

Landon is going to invest in an account paying an interest rate of 6.6% compounded daily. How much would Landon need to invest, to the nearest dollar, for the value of the account to reach $3,250 in 18 years?

Answer 1

the answer is 991 when rounded to the nearest dollar

Explanation:

Answer 2

$990.95

Explanation:

The computation of the present value or the invested amount is given below:

Given that

NPER = 18 × 365 days

RATE = 6.6% ÷ 365

FV = $3,250

PMT = $0

The formula is shown below:

= -PV(RATE;NPER;PMT;FV;TYPE)

AFter applying the above formula, the present value is $990.95