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Subject:
interest I could have earned
Category: Business and Money > Finance Asked by: cinsue-ga List Price: $2.00 |
Posted:
10 Oct 2005 16:32 PDT
Expires: 09 Nov 2005 15:32 PST Question ID: 578670 |
If I had deposited a check of $100,000 at my bank that pays 3.4%,10 days ago, how much would my $100,000 have earned in 10 days? |
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Subject:
Re: interest I could have earned
Answered By: juggler-ga on 10 Oct 2005 17:01 PDT Rated: |
Hello. Assuming daily compounding, 10 days' worth of interest on $100,000 would be $93.19. You can use the calculator on this page: Compound interest calculator. http://www.mortgage-investments.com/Mortgage_and_real_estate_Calculators/compound_interest_calculator.htm Enter: Principal: $100000 Interest rate per year: 3.4 Time to compound for: 10 Compounding period: 365 Tax rate: 0 Annual inflation rate: 0 ----- Or you could use Google's calculator: 100000*(1+0.034/365)^10 - 100000 = 93.1897414 ://www.google.com/search?hl=en&lr=&q=%28100000*%281%2B0.034%2F365%29%5E10%29-100000&btnG=Search -------- search strategy: interest calculator daily compounding I hope this helps. |
cinsue-ga
rated this answer:
Thank you for your prompt explanation! |
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