If you invest a penny on Jan 1, 1776 at 10% interest compounded daily, how much would you have on Jan 1, 2011?

Question

Heath Boyd

Mathematics

12 January, 17:39

If you invest a penny on Jan 1, 1776 at 10% interest compounded daily, how much would you have on Jan 1, 2011?

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Answers (2)

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Paddy · Answer 1

I'm not sure if this is the right answer, but here goes nothing. To find the amount of money you would make in one day, you have to multiply 1.10 times 1 penny (because you want to add. 10 AND the penny) then you multiply that by 365 for how much you make in a year which is 401.5 then multiply that by 35 years, and you get 14052.5. Sorry if that's wrong! Good luck!

Kristopher Peterson · Answer 2

Multiply 1.10 times 1 penny (because you want to add. 10 AND the penny) then you multiply that by 365 for how much you make in a year which is 401.5 then multiply that by 35 years, and you get 14052.5.