SOLUTION: i need some help on this one. i tried all the formula and i couldn't get the answer. If you want to have $3000 in 3 years how much do you need to place in as savings now that pays

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Question 1131557: i need some help on this one. i tried all the formula and i couldn't get the answer. If you want to have $3000 in 3 years how much do you need to place in as savings now that pays 5% compounded daily? round to the nearest cent.
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
Assuming 5% rate is for annual, and if 365 days in the year,

p%281%2B0.05%2F365%29%5E%283%2A365%29=3000
Solve for p.