Well this is either really silly (you can't get 5% each and every day - if you could you'd be a trillion-trillionaire and more) or someone who doesn't understand compound interest giving you advice. Either way I'd avoid his advice.
Typically when we say 5% interest compounded daily we mean 5% is an annual rate and that you get 1/365 of this each and every day so that in three years (1095 days) your $24000 would grow to
$24000(1+(.05/365))1095 = $27884
(about 16% on your money), not millions to be sure. If you did this with 5% a day you'd get
$24000(1+.05)1095 or about $3.82 x 1027
- I don't know if there's that much money in the western world.