Henry wants to save 54,000 for his dream vacation. How much will he need to invest in an account with 8.2% APR, compounding daily, in ordenar to reach his goal in 5 years?

Solución

Henry wants to save 54, 000 for his dream vacation. How much will he need to invest in an account with 8.2% APR, compounding daily, in order to reach his goal in 5 years?

Solución

Amount : 81364.41

Pasos de solución

Translate the problem into an equation:

A = 54000 (1 + \frac{0.082}{365})^{365 \cdot 5}

54000 (1 + \frac{0.082}{365})^{365 \cdot 5} = 81364.41364 \dots

Round to the nearest hundredth:

81364.41

Amount : 81364.41

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