# Allison is 30 years old and plans to retire at age with $1,200,000 in her retirement account. what amount would she have to set aside now in an investment paying 6% annual interest if the compounding is done daily 1 by sweetysiri92 ## Answers The Brainliest Answer! 2014-09-10T11:38:40+05:30 ### This Is a Certified Answer Certified answers contain reliable, trustworthy information vouched for by a hand-picked team of experts. Brainly has millions of high quality answers, all of them carefully moderated by our most trusted community members, but certified answers are the finest of the finest. Let the principal amount she sets aside in an investment be$ P

She retires at an age of 65, that is, in 35 years from the date of investment.

Period of investment = 35 years
Rate of interest = 6% per annum  = (6 / 365) % = 0.016438 % per day
r = 0.016438 %

n = number of times the interest is compounded
As compounding is done each day,  n = 365 times in one year * 35 years

She must set aside now $146, 979.57 in the bank, at 6% per annum compounded daily to receive$1,200,000 after 35 years when she retires at an age of 65 years.

thanx n u r welcom