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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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4 Answers - Sort by: Date | Rating

    The formula of compound interest is as follows:

    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.
    0 0

    Zuhail 

    answered 1 year ago

      $66.83 per day daily interest rate
      0 0

      Elmosand 

      answered 1 year ago

        Calculate daily compounded Interest rate:
        P=30000
        r=7%
        0 0

        Martc 

        answered 1 year ago

        Guest

        Guest 

        answered 5 months ago

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