Question
If you invested a penny on Jan 1,1776 at 10% interest compounded daily, how much would you have on jan 1 2011?
Answers
Reiny
There are 85775 days
rate = .10/365 = .0002739.. (I stored it in memory)
amount = 1(1.0002739...)^85775
= 1.60148.. x 10^10
about 16 billion pennies
or about $160,148,327
rate = .10/365 = .0002739.. (I stored it in memory)
amount = 1(1.0002739...)^85775
= 1.60148.. x 10^10
about 16 billion pennies
or about $160,148,327
Michael
um sorry but it should be 0.01(1.0002)^85775 instead right?