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math

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what would $5000 compounded daily at 1.5% be after 1 year

  • math - ,

    Pt = Po(1+r)^n

    r = (1.5%/360) / 1oo% = 0.0000417 = DPR
    expressed as a decimal.

    n = 360 comp. per yr.

    Pt = 5000(1.000041666)^360 = $5074.52.

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