How Do I Calculate Using A Daily Interest Rate?

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3 Answers

Suhail Ajmal Profile
Suhail Ajmal answered
The formula of compound interest is as follows:

A=P(1+r/n)^nt

Where,
  • P = principal amount (initial investment)
  • r = annual interest rate (as a decimal)
  • n = number of times the interest is compounded per year
  • t = number of years
  • A = amount after time t

by putting values in this formula

A=2500(1+1.3/365)^1x365
A=2500(9.758)^365

You can get the exact value by using the scientific calculator.

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