You need $ 1 5 , 0 0 0 in 3 years for a new car If you can deposit money into an account that pays an APR of 5 5 based on daily compounding, how much would you need to deposit Can you please show how to do it step by step instead of using a financial calculator I attempted to solve this problem using the Present Value Annuity Ordinary equation, but I keep getting it wrong The answer is $ 1 2 , 7 1 8 5 6

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Question: You need $ 1 5 , 0 0 0 in 3 years for a new car. If you can deposit money into an account that

You need $

15, 000

3

years for a new car. If you can deposit money into an account that pays an APR of

5.5 %

based on daily compounding, how much would you need to deposit? Can you please show how to do it step

-

-

step instead of using a financial calculator? I attempted to solve this problem using the Present Value Annuity Ordinary equation, but I keep getting it wrong. The answer is $

12, 718.56

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