Find the principal P that will generate the given future value​ A, where A=​$10,000 at 8​% compounded daily for 10 years

Question

Please help me to find P with the formula A=P(1+r/n)^nt

Answer 1

Just start by plugging in the information that you know.

 

10000=P(1+.08/365)^(365*10)

 

You can simplify the expression multiplied by P.

 

10000=2.2253P

 

Divide both sides to solve for P.

 

4493.68 = P