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aahhmm · Sep 25, 2010, 08:05 AM

How much it will take $10,000 to grow to $40,000 if the investment earn interst of 6% per year compounded daily

galactus · Sep 25, 2010, 08:22 AM

The formula for interest is:

$A=P\left(1+\frac{r}{n}\right)^{nt}$

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.

$40000=10000\left(1+\frac{.06}{360}\right)^{360t}$

solve for t.

aahhmm · Sep 25, 2010, 08:57 AM

Thanks a lot