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Mathematics : asked on rascoesk
 22.08.2022

Katherine is going to invest in an account paying an interest rate of 3.8% compounded daily. How much would Katherine need to invest, to the nearest dollar, for the value of the account to reach $1,180 in 17 years?

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23.11.2022, solved by verified expert
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Nitin Arora
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Mathematics, English, Physics. Research Scholar at Indian Institute of Technology, Roorkee
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Answer:

$620 approx

Step-by-step explanation:

using 

Rate of interest = 3.8% per annum 

rate of interest on daily basis = 3.8/365% per day

A = P(1+r/100)^n

1180 = P(1+ 3.8/365*100)^17*365

Solving for P 

P = 1180/ (1+ 3.8/365*100)^17*365)  = 1180/1.9 = $620 approx

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