If the annual interest rate is r%, then the equivalent daily compound rate is100*{(1 + r/100)^(1/365) - 1} %
where the exponent of (1/365) represents the 365th root.
You could adjust for leap years either by using 365.25 or using a different rate for leap years.
daily
0.04849 %
3.5% interest compounded daily is equivalent to 3.562% annual yield.(It can't possibly be 3.5% daily. That would compound to 28,394,072% in a year.)
Interest payments can calculated annually, quarterly, monthly, daily or even continuously. To enable consumers to compare rates quoted over different periods, many authorities require financial institutions to calculate the total compound interest over a year. That is the AER.
5,132.33^10
daily
0.04849 %
3.5% interest compounded daily is equivalent to 3.562% annual yield.(It can't possibly be 3.5% daily. That would compound to 28,394,072% in a year.)
Normal interest is not calculated over a period of time. It is just the formula to calculate the interests gained. Compound interest is calculated over more time periods such as years.
0.04849%
To calculate an interest (as money), multiply the capital, times the interest rate (divided by 100, if it is expressed in percent), times the number of periods. The above assumes simple interest; compound interest is a bit more complicated.
it depends on wheather the interest is simple or compound also you should tell me how much money you put in the bank to begin with but lets calculate the interest on one dollar : if it is simple interest then: I=P*R*T where T is in years =1*18/100*1/360 interest on one dollar principal is 0.0005 $ if it is compound interest then: I= P*(R+1)^T-p =0.00046 which is about the same as the simple interest one multiply my answer by the amount that you put into the bank origonally to find out ur interest hope i helped
The formula for the daily compound interest is B=p(1+r over n)NT as an exponent for the nt B= ending balance P= principal amound r= interest rate n= number of compounds per year t= time( in years)
Interest payments can calculated annually, quarterly, monthly, daily or even continuously. To enable consumers to compare rates quoted over different periods, many authorities require financial institutions to calculate the total compound interest over a year. That is the AER.
5,132.33^10
compound... yes it is compound interest.
There is simple interest and there is compound interest but this question is the first that I have heard of a simple compound interest.