document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1088728>Question 1088728</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the principal needed now to get the given&#8203; amount; that&#8203; is, find the present value.<BR>\n" );
document.write( "To get $3000 after 33/4 years at 5&#8203;% compounded daily.\r<BR>\n" );
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document.write( "The present value of $ 3000 is?$______<BR>\n" );
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document.write( "&#8203;(Round to the nearest cent as&#8203; needed.) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #703025 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=703025\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> f = p * (1+r) ^ n\r<BR>\n" );
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document.write( "f = 3000<BR>\n" );
document.write( "p = what you want to find.<BR>\n" );
document.write( "r = 5% / 365 /  100 = .0001369863014<BR>\n" );
document.write( "n = 33 * 365 = 12045\r<BR>\n" );
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document.write( "number of days in a year can be 360, 365, 365.4, or some other value depending on how you look at the number of days in a year.\r<BR>\n" );
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document.write( "i chose 365.\r<BR>\n" );
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document.write( "if the number of days in a year is different than that, you can redo the calculations using the other value for number of days in a year.\r<BR>\n" );
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document.write( "interest rate = interest rate % divided by 100.\r<BR>\n" );
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document.write( "formula becomes:\r<BR>\n" );
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document.write( "3000 = p * (1 + .0001369863014) ^ 12045\r<BR>\n" );
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document.write( "simplify to get:\r<BR>\n" );
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document.write( "3000 = p * 5.206391456\r<BR>\n" );
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document.write( "solve for p to get:\r<BR>\n" );
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document.write( "p = 3000 / 5.206391456 = 576.2148362\r<BR>\n" );
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document.write( "an investment of 576.2148362 will becomes 3000 in 33 years at 5% compounded daily.\r<BR>\n" );
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document.write( "576.2148362 * (1 + 1.369863014 * 10 ^ -4) ^ (33 * 365) = 3000\r<BR>\n" );
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document.write( "note that 1.369863014 * 10 ^ -4 is equal to .0001369863014\r<BR>\n" );
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document.write( "note that 33 * 365 = 12045\r<BR>\n" );
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document.write( "it all checks out, assuming 365 days in a year.\r<BR>\n" );
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document.write( "i assumed 33 years.\r<BR>\n" );
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document.write( "i'm not sure what you means by 33/4.\r<BR>\n" );
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document.write( "you could have meant 33 or 34 years.\r<BR>\n" );
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document.write( "you could have meant 33/4 = 8.25 years.\r<BR>\n" );
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document.write( "use the same formula and make any assumption you want and you'll get the answer you're looking for.\r<BR>\n" );
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document.write( "just keep in mind.....\r<BR>\n" );
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document.write( "r = annual interest rate % divided by number of compounding periods per year divided by 100.\r<BR>\n" );
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document.write( "n = number of years times number of compounding periods per year.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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