Answer:
$47,682.78
Step-by-step explanation:
future value: F = $64,700
present value: P = x
annual interest rate: r = 2.18%
compounding periods per year: n = 365
[tex] F = P(1 + \dfrac{r}{n})^{nt} [/tex]
[tex] 64,700 = P(1 + \dfrac{0.0218}{365})^{365 \times 14} [/tex]
[tex] 64,700 = P(1 + 0.0000597260274)^{5110} [/tex]
[tex] 64,700 = P(1.0000597260274)^{5110} [/tex]
[tex] 64,700 = P(1.356883989) [/tex]
[tex] P = 47,682.78 [/tex]
Answer: $47,682.78
