Question 1192169: You plan to retire in 35 years and would like to have $1,000,000 in investments. How much money would you have to invest today at a 9% annual interest rate compounded daily to reach your goal in 35 years?
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! 1,000,000 / ((1 + .09/365) ^ (365 * 35)) = 42,868.76923.
that's what you'll need to invest today to have 1,000,000 in 35 years at 9% per year compounded daily.
i used a financial calculator for the same problem and got 42,868.76925.
round to 2 decimal places and you get 42,868.77 either way.
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