Asked by kitty
if you want to save $60000 in 7 years with APR 4% daily compounding and no additional deposits, how much would your initial deposit be
Answers
Answered by
Henry
P = Po(1+r)^n = $60,000.
P = $60,000 = Amount after 7 years.
Po = Initial deposit.
r = (4%/360) / 100% = 0.000111111 = Daily % rate expressed as a decimal.
n = 360Comp./yr * 7yrs.=2520 Compounding
periods.
Po(1.000111111)^2520 = 60,000
Po=60000 / (1.000111111)^2520=%45347.74
P = $60,000 = Amount after 7 years.
Po = Initial deposit.
r = (4%/360) / 100% = 0.000111111 = Daily % rate expressed as a decimal.
n = 360Comp./yr * 7yrs.=2520 Compounding
periods.
Po(1.000111111)^2520 = 60,000
Po=60000 / (1.000111111)^2520=%45347.74
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.