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| Math Central | Quandaries & Queries |
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Question from cos: how much would $2000 be at the end of 1 yr. at a daily compounded interest rate of 3% be? the 3% is not yearly but daily. thank you very much for your help!! |
Cos,
If the 3% is really the daily interest rate and the principle of $2000 is compounded daily for a year the accumulated value would be
$2000
(1 + 0.03)365 = $96 965 449.06
If someone offers you this rate grab your wallet and run screaming from the room!
Penny
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