Question 596055: How much must you invest today in order to have $50,000 in 20 years, if your savings account pays 3% interest compounded daily?
Found 2 solutions by stanbon, jim_thompson5910:
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! How much must you invest today in order to have $50,000 in 20 years, if your savings account pays 3% interest compounded daily?
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A(t) = P(1+(r/n))^(nt)
50,000 = P(1+(0.03/365))^(365*20)
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50,000 = P(1.000082192)^(7300)
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P = 50,000/(1.822074)
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P = $27,441.26
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Cheers,
Stan H.
Answer by jim_thompson5910(35256) (Show Source):
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