Question
How much would $4,800.00 compounded daily at 1.7% be after 6months?
Answers
Henry
Pt = Po(1+r)^n.
r = (1.7%/360) / 100% = 0.0000472 = Daily % rate expressed as a decimal.
n = 1 comp./day * 180 days = 180 comp.
periods.
Pt = 4800(1.0000472)^180 = $4840.41.
r = (1.7%/360) / 100% = 0.0000472 = Daily % rate expressed as a decimal.
n = 1 comp./day * 180 days = 180 comp.
periods.
Pt = 4800(1.0000472)^180 = $4840.41.