i = .06/365 = .000164383..
n = 47*365 = 17155
PV(1.000164383..)17155 = 1000000
PV = ...
(I got 59,619.76)
The million dollar question!
Allison is 18 years old and plans to retire at age 65 (in 47 years) with $1,000,000 in
her retirement account. What amount would she have to set aside now in an
investment paying 6% annual interest if the compounding is done daily (assume 365 days in a year)?
Could someone help me out please!
1 answer