Question 1208633
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Larger wants to take a trip in 8 years. She needs 2,400$. How much should she deposit 
into an account that pay 3.5% interest daily to meet her goal, round to nearest dollar
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<pre>
Write an equation for the future value of the deposit X in 8 years, compounded daily


    {{{X*(1+0.035/365)^(8*365)}}} = 2400


Find X

    X = {{{2400/(1+0.035/365)^(8*365)}}} =  1814  dollars  (rounded).    <U>ANSWER</U>
</pre>

Solved.


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To see many other similar &nbsp;(and different) &nbsp;solved problems on compounded interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

in this site.


Learn the subject from there.



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Tutor @MathTherapy &nbsp;MISREAD &nbsp;the problem.


In this problem, &nbsp;the account is &nbsp;NOT &nbsp;an annuity, &nbsp;so the solution by @MathTherapy is &nbsp;IRRELEVANT.


From the text, &nbsp;it is clear that this account is one-time deposit, compounded daily.


So, &nbsp;my solution is correct, &nbsp;while the &nbsp;@MathTherapy' solution is irrelevant.