Compound Interest

SineadpSineadp Registered Posts: 67
Does anyone know how to work out the Compound Interest on this question? I know the formula but don't understand how to work it out.

Thank you

Comments

  • aat2200aat2200 Registered Posts: 23
    I had this problem and i've figured it out. It's the way you input it into a calculator, you need to use a scientific calculator. So here's how to type it (using an example of 1.5% interest and normal days of 30, with 23 discount days)

    Type this into a scientific calculator and press = whenever i type = (1.5 / 98.5 ) = X +1 = X to the power of (365/23) = X - 1 x 100.

    The answer you should get is 27.11% rounded.

    hope that made sense to you.

    Let me know if not but remember BODMAS i.e. remember when to subtract and add.
  • SineadpSineadp Registered Posts: 67
    Thank you
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