Aki discovered that an investment company would offer 7.7% annual interested rate compounded daily for larger amount deposit. If Aki plans to retire in 25 years and would like to have $650000 in his retirement account, how much money should he invest today with the company? Only round the final step in your calculation. Do not round during the intermediate steps. (Ignore leap years.) Which formula will you use to solve this problem? Formula 1: A = P(1+ rt) Formula 2: n-t P(1+)** A = Formula 3: A = Pe*t (Enter the number only) Your choice of the formula number is What value will you use for the interest rate in the formula? The value that I will use is To the nearest dollar, the amount of money that Aki should invest today with the company is $
Aki discovered that an investment company would offer 7.7% annual interested rate compounded daily for larger amount deposit. If Aki plans to retire in 25 years and would like to have $650000 in his retirement account, how much money should he invest today with the company? Only round the final step in your calculation. Do not round during the intermediate steps. (Ignore leap years.) Which formula will you use to solve this problem? Formula 1: A = P(1+ rt) Formula 2: n-t P(1+)** A = Formula 3: A = Pe*t (Enter the number only) Your choice of the formula number is What value will you use for the interest rate in the formula? The value that I will use is To the nearest dollar, the amount of money that Aki should invest today with the company is $
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 66SE: Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from,...
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