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| Math Central | Quandaries & Queries |
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Question from Jeanmarie: WHAT IS THE INTEREST IN $ ON 107,495.10 AT AN INTEREST OF 5.13% FOR COMPOUNDED DAILY FOR 16 DAYS? |
Jeanmarie,
There i a general expression for compound interest that Stephen gives in his response to an earlier question. For your question R = 0.0513, n = 365 and ny = 16.
Penny
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