Question

How much money will you need to invest initially to have $750.00 in 10 years and 8 months if the money is compounded daily at an annual rate of 2.5%?

Answer 1

Compound Daily:
\(A = P\left(1 + \dfrac{r}{365}\right)^{365t}\)

A = 750
t = 10
r = .025

Answer 2

Wouldn't t be ten and two thirds because its 10 years and 8 months. So the answer would be 574. 45?

Answer 3

Yes, sorry. overlooked the 8 months part.

Answer 4

Nevermind

Answer 5

Okay.. So then is 574.45 correct?