SOLUTION: Adam wants to save $43,000.00 for a down payment on a home. How much will he need to invest in an account with 8% APR, compounding daily, in order to reach his goal in 7 years? Rou
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Question 1186685: Adam wants to save $43,000.00 for a down payment on a home. How much will he need to invest in an account with 8% APR, compounding daily, in order to reach his goal in 7 years? Round the answer to the nearest cent. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! 43000=m(1+(0.08/365)^2555, where the 2555 is the number of days in 7 years.
43000=m (1.751) round at end, however.
43000/1.751=$24563.50
