Edward wants to have $50,000 in 10 years for college. What single deposit would he need to make now into an account that pays 4.3% interest, compounded daily, to meet his goal?

Answer:[tex]\$32,526.28[/tex]  Step-by-step explanation:we know that    The compound interest formula is equal to  [tex]A=P(1+\frac{r}{n})^{nt}[/tex]  where  A is the Final Investment Value  P is the Principal amount of money to be invested  r is the rate of interest  in decimal t is Number of Time Periods  n is the number of times interest is compounded per year in this problem we have  [tex]t=10\ years\\ A=\$50,000\\ r=0.043\\n=365[/tex]  substitute in the formula above  [tex]\$50,000=P(1+\frac{0.043}{365})^{365*10}[/tex]  [tex]P=\$50,000/[(1+\frac{0.043}{365})^{3,650}]=\$32,526.28[/tex]