SOLUTION: how much should be deposited into an account that pays 3.5 % interest compounded daily in order to have 4200 in 8 years
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Question 1104558: how much should be deposited into an account that pays 3.5 % interest compounded daily in order to have 4200 in 8 years
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
Let n be your number. Then:
4200=n(l+.035/360)^(360x8)
4200=n(1.0000972222222222222222222222222)^(2880)
4200=1.3231118043602756032502622786607 x n
n=$3174.34
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