How much it will take $10,000 to grow to $40,000 if the investment earn interst of 6% per year compounded daily
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How much it will take $10,000 to grow to $40,000 if the investment earn interst of 6% per year compounded daily
The formula for interest is:
Where P=amount invested
r=rate of interest as a decimal
n=# of compundings in a year.
t=# of years.
I believe 360 is used for n, instead of 365, in many cases.
You may have to verify that.
solve for t.
Thanks a lot
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