to get $1000 after 2 and 1/2 years at 6% compounded daily, find the principle amount

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to get $1000 after 2 and 1/2 years at 6% compounded daily

Guest Mar 23, 2016

edited by Guest Mar 23, 2016
edited by Guest Mar 23, 2016

Guest · Answer 1 · 2016-03-23T03:51:06

PV=FV{1 + .06/365}^(-2.5*365)

PV=1,000{1.00016438}^-912.5

PV=1,000{0.86072}

PV=$860.72