Problema Solution
Finance: A couple just had a new child. How much should they invest now at 6.25% compound daily to have $100,000 for the child's education 17 years from now? Compute the answer to the nearest(assume a 365 day year) dollar.
Answer provided by our tutors
100 000 = P(1 + 0.0625/365) ^ (36517)
100 000 ÷ ((1 + 0.0625/365) ^ (36517)) = P; do it on your calculator and round as asked