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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

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