How Do I Calculate Using A Daily Interest Rate?
I want to invest $2500. The daily interest rate is 1.3%. It is compounded daily. How much money will I have in one year?
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The formula of compound interest is as follows:
A=P(1+r/n)^nt
Where,
by putting values in this formula
A=2500(1+1.3/365)^1x365
A=2500(9.758)^365
You can get the exact value by using the scientific calculator.
A=P(1+r/n)^nt
Where,
- P = principal amount (initial investment)
- r = annual interest rate (as a decimal)
- n = number of times the interest is compounded per year
- t = number of years
- A = amount after time t
by putting values in this formula
A=2500(1+1.3/365)^1x365
A=2500(9.758)^365
You can get the exact value by using the scientific calculator.
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answered 6 months ago
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