Compound interest HELP!

Question

+10

2

2201

1

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

admin · Answer 1 · 2012-01-26T06:10:08

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$