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March 30, 2017

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1500 dollars into a 6 month CD compounding daily with a 4% APR. How much do u have at the end of your six months?

  • math - ,

    Pt=Po*(r+1)^n. Compounded daily.
    Pt=principal at maturity.
    Po=Initial principal or deposit.
    r=DPR=Daily percentage rate.
    n=The number of compounding periods.
    t=6mo=0.5yr.=time for maturity.

    Po=1500.
    APR=4.0
    r=4/365/100=0.000109589
    n=0.5*365=182.5 days.

    Pt=1500*(0.000109589+1)^182.5=1530.30

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