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  • Sep 25, 2010, 08:05 AM
    aahhmm
    Mathematic for finance
    How much it will take $10,000 to grow to $40,000 if the investment earn interst of 6% per year compounded daily
  • Sep 25, 2010, 08:22 AM
    galactus

    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.
  • Sep 25, 2010, 08:57 AM
    aahhmm
    Comment on galactus's post
    Thanks a lot

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