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Math/Finance

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How much would an initial investment of $500 be worth in 90 days if it earned 3% daily?

  • Math/Finance -

    I am sure you meant
    3% per annum, compounded daily

    i = .03/365 = .000082191

    amount = 500(1.000082191)^90 = 503.71


    If you actually meant 3% per day, wow, ...

    amount = 500(1.03)^90 = 7150.23

  • Math/Finance -

    sharon is that you?

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