9. [0/1 Points] DETAILS MY NOTES AUFQR2 4.2.023. PREVIOUS ANSWERS ASK YOUR TEACHER PRACTICE ANOTHER You plan to retire in 25 years and would like to have $1,000,000 in investments. How much money would you have to invest today at a 8% annual interest rate compounded daily to reach your goal in 25 years? (Assume all years have 365 days. Round your answer to the nearest cent.) $ Suggested tutorial: Learn It Calculate a Present Value Using the Compound Interest Formula.
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08 Number of years (t) = 25 Number of times interest is compounded per year (n) = 365 (daily) We need to find the Present Value (PV), which is the amount of money we need to invest today. The formula for compound interest is: $FV = PV(1 + \frac{r}{n})^{nt}$ We Show more…
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