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IF you have $28210.00 to invest, how much interest will you earn on a 6 year investment with an interest rate of 3.10% per annum, compounded daily?
Guest Jan 26, 2012
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1year = 365.2425days (leap years included, gregorian calendar days)
t = 6years = 2191.455days
interest rate per day: x = 3.10% / 365.2425
C=28210.00$

compound interest P:
P = C*(1+x)t
P= 28210.00$ * (1+3.10% / 365.2425)^2191.455 = 33976.48$
admin  Jan 26, 2012

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