George wants to invest his money such that he accumulates $10,000 after 3 and half years at a rate of 4% compounded monthly? How much money should he invest daily?

Step-by-step explanation:

Using the compound interest formula

A = amount compounded (in $)

P = Principal (in $)

r = rate (in %)

t = time it takes to accumulate fund (in years)

n = time of compounding (in years)

Given P = $10,000, r = 4%, t = 3.5 years n = 1/12 years (since it is compounded monthly)

Amount he will compound after 3.5years will be $11,211.1.

Amount he should invest daily = Amount compounded/time taken (in days)

Since 3.5years ≈ 1278 days

Amount he should invest daily = $11,211.1/1278

Amount he should invest daily  = $8.77

21/58.

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step-by-step explanation: