Austin is going to invest in an account paying an interest rate of 2.2% compounded daily. How much would Austin need to invest, , for the value of the account to reach $27,000 in 6 years?

Principal, P = $23675.90

Step-by-step explanation:

Given the following data;

Interest rate = 2.2 %

Future value = $27000

Time = 6 years

Number of times = 365 days

To find the principal amount, we would use the compound interest formula;

Where;

A is the future value.

P is the principal or starting amount.

r is annual interest rate.

n is the number of times the interest is compounded in a year.

t is the number of years for the compound interest.

Substituting into the equation, we have;

Principal, P = $23675.90

87%

step-by-step explanation:

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