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OpenStudy (anonymous):
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%?
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hero (hero):
Compound Daily: \(A = P\left(1 + \dfrac{r}{365}\right)^{365t}\) A = 750 t = 10 r = .025
OpenStudy (anonymous):
Wouldn't t be ten and two thirds because its 10 years and 8 months. So the answer would be 574. 45?
hero (hero):
Yes, sorry. overlooked the 8 months part.
hero (hero):
Nevermind
OpenStudy (anonymous):
Okay.. So then is 574.45 correct?
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