Homework Help: Math/Finance

Posted by Sharon on Thursday, January 3, 2013 at 6:08am.

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

Math/Finance - Reiny, Thursday, January 3, 2013 at 9:25am
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 - Deepa, Thursday, January 3, 2013 at 11:30am
sharon is that you?

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