Question

Victoria is going to invest in an account paying an interest rate of
6.6% compounded daily. How much would Victoria need to invest,
to the nearest dollar, for the value of the account to reach $580 in 6
years?

Answer 1

Answer:390

Step-by-step explanation:

Answer 2

Victoria need to invest, to the nearest $421$ dollar, for the value of the account to reach $580$ in $6$ years.

Learn more about probability here,

Probability is the branch of mathematics concerning numerical descriptions of how likely an event is to occur, or how likely it is that a proposition is true.

It is given that the interest rate is $\[6.6%\]$ %, and year is $6$ and the value of the account to reach is $580$.

We will solve this problem by using the following compound interest formula or Single payment compound amount formula,

$F=P{{(1+i)}^{n}}$

Where, $i$ is the interest rate per compound period, $n$ is the number of $i$compounding period, $P$ is preset sum of money and $F$ is a future sum of money.

So,

$P=\frac{F}{{{\left( 1+i \right)}^{n}}}$

$P=\frac{580}{{{\left( 1+6.6 \right)}^{6}}}$

$P\approx 421$

Hence, The Victoria needs to invest approximate $421$.

Learn more about compound interest here,

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