document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=596055>Question 596055</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much must you invest today in order to have $50,000 in 20 years, if your savings account pays 3% interest compounded daily? <BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #377466 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=377466\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> How much must you invest today in order to have $50,000 in 20 years, if your savings account pays 3% interest compounded daily? <BR>\n" );
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document.write( "A(t) = P(1+(r/n))^(nt)<BR>\n" );
document.write( "50,000 = P(1+(0.03/365))^(365*20)<BR>\n" );
document.write( "------<BR>\n" );
document.write( "50,000 = P(1.000082192)^(7300)<BR>\n" );
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document.write( "P = 50,000/(1.822074)<BR>\n" );
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document.write( "P = $27,441.26<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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