Jamal wants to save 52000 for a down payment on a home How m

Jamal wants to save $52,000 for a down payment on a home. How much will he need to invest in an account with 8.6% APR coupounding daily in order to reach his goal in t he next 5 years.

Compound interest formula : Amount = Principal( 1+ r/n)^n*t

n = compounding daily = 365

APR = r = 8.6%

t = 5 year

Find Principal (P)

52000 = P( 1+ 0.086/365)^(5*365)

=P(1.00023)^5*365

= P(1.00023)^1825

52000 = P*1.5215

P = $ 34176.80 he needs to invest

Jamal wants to save $52,000 for a down payment on a home. How much will he need to invest in an account with 8.6% APR coupounding daily in order to reach his go

Jamal wants to save 52000 for a down payment on a home How m

Solution

Get Help Now

Submit a Take Down Notice