Monday

October 20, 2014

October 20, 2014

Posted by **emma** on Thursday, May 16, 2013 at 7:43pm.

An APR of 4% compounded daily.

You should invest?

- math -
**Henry**, Friday, May 17, 2013 at 7:05pmP = Po(1+r)^n = $85,000

r = (4%/365)/100% = 0.000109589 = Daily

% rate expressed as a decimal and based

on 365 days per year.

n = 365Comp/yr. * 15yrs. = 5475 Compounding periods.

P = Po(1.000109589)^5475 = 85000

Po = 85000/(1.000109589)^5475 = $46650.53

**Answer this Question**

**Related Questions**

math - Suppose you start saving today for a $30,000 down payment that you plan ...

Finance - Simon wishes to have $400,000 in a retirement fund 20 years from now. ...

Finance - If you deposit $4,000 at the end of each of the next 20 years into an ...

Differential Equations - A college professor contributes $5,000 per year into ...

accounting - Would like to start a college fund. It was estimated that the cost ...

Finance - You plan to open a retirement account. Your employer will match 50 ...

Math - Please help check my answers to make sure they are correct. I used the "...

MATH - Please help check my answers to make sure they are correct. I used the "...

math - A young executive deposits $400 at the end of each month for 7 years and ...

finite math - A young executive deposits $400 at the end of each month for 7 ...