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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?​

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?​
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10 votes
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
User Colm Ryan
by
8.9k points

1 Answer

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

answered
User Francesco Galgani
by
8.4k points
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