Given:
You plan to retire in 35 years and would like to have 1,000,000$ in investments.
So, the time = 35 years
And A = 1,000,000
compounded daily, n = 365
Rate of the interest = r = 7% = 0.07
We will find the initial investment = P
We will use the following formula:
[tex]A=P\cdot(1+\frac{r}{n})^{nt}[/tex]Substitute with the values of A, r, n, and t
[tex]\begin{gathered} 1000000=P\cdot(1+\frac{0.07}{365})^{365\cdot35} \\ \end{gathered}[/tex]Solve the equation to find P
[tex]\begin{gathered} 1000000=P\cdot11.5856 \\ \\ P=\frac{1000000}{11.5856}=86,313.86 \end{gathered}[/tex]So, the answer will be $86,313.86
