Jamal wants to save $58,000 for a down payment on a home. How much will he need to invest in an account with 8.2% APR, compounding daily, in order to reach his goal in 5 years? (Round your answer to the nearest cent.)
[tex]\begin{gathered} A\text{ = P\lparen1+r\rparen}^t \\ 58000\text{ = P\lparen1+}\frac{8.2\%}{365})^{5*365} \\ 38493.49\text{ = P \lparen assuming 365 days in a year\rparen} \end{gathered}[/tex]
