Magarite wants to take a trip to japan in 8 years. she knows she will need about $42000. how much should she deposit into an account now that pays 3.5% interest compounded daily, in order to meet her goal? round to the nearest dollar. a.$1026 b.$1706 c.$3781 d.$3174

The Principal amount which Magarite should deposit in her account is $ 3174  , Option D

Step-by-step explanation:

Given as :

The amount need for Japan trip = $ 42000

Let the principal amount deposited in account = $ P

The rate of interest = 3.5 % compounded daily

The time period  = 8 years

From compounded method

Amount = Principal ×

or, $ 42000 = $ P  ×

Or,  $ 42000 = $ P  ×

or , $ 42000 = $ P  × 1.323110

∴   P = $

i.e P = $ 31,743.392 ≈ $ 3174

Hence The Principal amount which Magarite should deposit in her account is $ 3174  ,  Answer  option D

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step-by-step explanation: