## Jamal wants to save $54,000 for a down payment on a home. How much will he need to invest in an account with 8.8% APR, compounding daily, in

Question

Jamal wants to save $54,000 for a down payment on a home. How much will he need to invest in an account with 8.8% APR, compounding daily, in order to reach his goal in 5 years? (Round your answer to the nearest cent.)

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Math
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2021-10-11T20:30:28+00:00
2021-10-11T20:30:28+00:00 1 Answer
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## Answers ( )

Answer:The investment money in the account is $ 34785.96Step-by-step explanation:Given as :

The amount after 5 years = $ 54,000

The rate of interest = 8.8 % compounded daily

The Time period = 5 years

Let the invested money = P

So,

from compounded methodAmount = Principal ×$ 54,000 = P ×

Or, 54,000 = P ×

Or , 54,000 = P × 1.55235

∴ P =

I.e P = $ 34785.96

Hence The investment money in the account is $ 34785.96 answer