Answer:
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 × [tex](1+\dfrac{\textrm rate}{365\times 100})^{365\times Time}[/tex]
or, $ 42000 = $ P × [tex](1+\dfrac{\textrm 3.5}{365\times 100})^{365\times 8}[/tex]
Or, $ 42000 = $ P × [tex](1.00009589)^{2920}[/tex]
or , $ 42000 = $ P × 1.323110
∴ P = $ [tex]\frac{42000}{1.323110}[/tex]
i.e P = $ 31,743.392 ≈ $ 3174
Hence The Principal amount which Magarite should deposit in her account is $ 3174 , Answer option D