Help with a formula

Hi, to calculate that you can use this formula :  

Final Money = A₀  * ( 1 + r/n )^nt 

nt = the time period in days if it is 3 years it would be 3*365;

r = interest; 6 % percent would be : 0.06

n = 365 ; if you want to calculate the profit daily

From my course on Calculus :)

Hope it helps,

I don't think this is the formula that I am looking for. Because by simply doing the math for the first 5 days, it goes like this:

1000 + 1000*0.02 = 1020, 1020 + 1020*0.02 = 1040.4, 1040.4 + 1040.4*0.02 = 1061.2 .....

With the formula that you proposed to me in 365 days the total profit is only 20.2, while in my calculations above in 3 days(!) I already have 61.2 profit. So which is the formula exactly?

Thanks

In this case the formula is simply FV(n) = $1000*1.02^n,  where n is the number of days

(2% per day is very large! Guest#1's formula would apply if the interest were 2% per annum)

FV=PV [ 1 + R]^N, Where R=Interest rate per period, N=number of periods, PV=Present value, FV=Future value.

FV=1,000[1+.02]^365

FV=1,000[1.02]^365

FV=1,000 x 1,377.40829

FV=$1,377,408.29

$1,377,408.29 - $1,000 =$1,376,408.29 Interest earned for 1 year @ 2% compounded daily.

Oh, thats right my formula was for annual interests