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There are 360 days in a year, so n = 360
The formula we use is
A = P(1 + r/n)^nt where r is the annual interest rate and n is the number of times the interest is compounded in a year. A is the final amount and P is the principle or initial amount.
20,000 = P(1 + 0.06/360)^(360*8)
20,000 = P(1.00067)^2880
20,000 = P(6.8153)
P = 20,000/6.8153
P = $2934.58
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