Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Drew wants to save $2,500 to go to the next World Cup. To the nearest dollar, how much will he need to invest in an account now with 6.25% APR, compounding daily, in order to reach his goal in 4 years

Sagot :

Answer:

195

Explanation:

FV/ (1 + r/m)^nm = pv

FV = Future value  

P = Present value  

R = interest rate  

m = number of compounding

N = number of years

2500 / (1 + 0.0625/365)^365  x 4

2500 / (1.000171) = 2499.57

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.