To solve this problem, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment ($1,000,000)
P = the principal investment amount (what we are trying to solve for)
r = the annual interest rate (0.09)
n = the number of times the interest is compounded per year (365)
t = the number of years the money is invested for (30)
Plugging in the values and solving for P:
$1,000,000 = P(1 + 0.09/365)^(365*30)
$1,000,000 = P(1 + 0.0002465753)^10950
$1,000,000 = P(1.090)?
$1,000,000 = 9.82871P
P = $101,725.41
Therefore, you would need to invest approximately $101,725.41 today at a 9% annual interest rate compounded daily to reach $1,000,000 in investments in 30 years.