Henry wants to save 54,000 for his dream vacation. How much will he need to invest in an account with 8.2% APR, compounding daily, in order to reach his goal in 5 years?

פתרון

Henry wants to save 54, 000 for his dream vacation. How much will he need to invest in an account with 8.2% APR, compounding daily, in order to reach his goal in 5 years?

פתרון

Amount : 81364.41

צעדי פתרון

Translate the problem into an equation:

A = 54000 (1 + \frac{0.082}{365})^{365 \cdot 5}

54000 (1 + \frac{0.082}{365})^{365 \cdot 5} = 81364.41364 \dots

Round to the nearest hundredth:

81364.41

Amount : 81364.41

דוגמאות פופולריות

Determine the future value if 750 is invested at 7.25% for 4 years compounded annually. 992.32b One number is 9 more than another number. Twice the sum of the two numbers is 10. Let x and y be the 2 numbers Twice the difference of a number and 5 is 2 equation Find two consecutive whole numbers that sqrt(58) lies between.Braden opened a savings account and deposited 4,000.00 as principal. The account earns 7% interest, compounded monthly. What is the balance after 7 years?