Jamal wants to save $54,000 for a down payment on a home. how much will he need to invest in an account with 8.8% apr, compounding daily, in order to reach his goal in 5 years? (round your answer to the nearest cent.)

Using compound interest, it is found that he will need to invest $34,779.81.

Compound interest:

In this problem:

He needs to invest $34,779.81.

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The investment money in the account is $ 34785.96  

Step-by-step explanation:

Given as :

The amount after 5 years = $ 54,000

The rate of interest = 8.8 % compounded daily

The Time period = 5 years

Let the invested money = P

So, from compounded method

Amount = Principal ×

$ 54,000 = P ×

Or, 54,000 = P ×

Or , 54,000 =  P × 1.55235

∴  P =

I.e P = $ 34785.96

Hence The investment money in the account is $ 34785.96   answer

answer:

idk

step-by-step explanation:

step-by-step explanation: