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115(+.35/365)365*1=

 Dec 17, 2015

Best Answer 

 #1
avatar+118608 
+5

You are not going to get any compound interest from that garbled mass of numbers.

 

115(+.35/365)365*1

 

perhaps you mean

115(1+.35/365)^(365*1)

 

This would be the amount $115 would grow to if it was invested at 35% p.a.  for a year, compounded dayly.

 

115(1+.35/365)^(365*1) = 163.1654027889556285

 

I wish I could get an interest rate that was that good. :)

 Dec 18, 2015
 #1
avatar+118608 
+5
Best Answer

You are not going to get any compound interest from that garbled mass of numbers.

 

115(+.35/365)365*1

 

perhaps you mean

115(1+.35/365)^(365*1)

 

This would be the amount $115 would grow to if it was invested at 35% p.a.  for a year, compounded dayly.

 

115(1+.35/365)^(365*1) = 163.1654027889556285

 

I wish I could get an interest rate that was that good. :)

Melody Dec 18, 2015
 #2
avatar
+5

If your annual interest rate is 3.5% compounded daily, then we have:

115(1 + .035/365)^365

115(1 + .00009589)^365

115(1.00009589)^365

115 X 1.0356178=$119.10

 Dec 18, 2015

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