find the interest on $11000 compounded daily at 5% for 6 years. Assume a 365-days year
+118608 $$\\FV=P(1+i)^n\\\\
FV = future\; value\\
P= Principal = \$11000\\
i= interest\; rate\; per\; compounding\; period = 0.05/365\\
n = number\; of \;compounding\; periods = 365*6\\\\
FV=11000(1+0.05/365)^{365*6}$$
$${\mathtt{11\,000}}{\mathtt{\,\times\,}}{\left({\mathtt{1}}{\mathtt{\,\small\textbf+\,}}{\frac{{\mathtt{0.05}}}{{\mathtt{365}}}}\right)}^{\left({\mathtt{365}}{\mathtt{\,\times\,}}{\mathtt{6}}\right)} = {\mathtt{14\,848.141\: \!809\: \!256\: \!47}}$$
+118608 $$\\FV=P(1+i)^n\\\\
FV = future\; value\\
P= Principal = \$11000\\
i= interest\; rate\; per\; compounding\; period = 0.05/365\\
n = number\; of \;compounding\; periods = 365*6\\\\
FV=11000(1+0.05/365)^{365*6}$$
$${\mathtt{11\,000}}{\mathtt{\,\times\,}}{\left({\mathtt{1}}{\mathtt{\,\small\textbf+\,}}{\frac{{\mathtt{0.05}}}{{\mathtt{365}}}}\right)}^{\left({\mathtt{365}}{\mathtt{\,\times\,}}{\mathtt{6}}\right)} = {\mathtt{14\,848.141\: \!809\: \!256\: \!47}}$$
