It is 5000*[(1+8/100)2 - 1] = 5000*[1.1664 - 1] = 5000*0.1664 = 832
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.)
It is 832 units of currency.
Assuming the interest is NOT compound - 3 years !
2.25
75
The annual compound interest rate is 18 percent.
$432
$432
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.)
It is 832 units of currency.
Assuming the interest is NOT compound - 3 years !
2.25
62
75
2.25
1927.23 IF the interest is compound (accrued on the totalsum each year)... 1891.00 IF the interest is simply calculated on the initial deposit.
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).