Question 1177589: After what period is the interest generated equal to the original principal if the account pays 6% compounded daily? Found 2 solutions by mananth, ikleyn:Answer by mananth(16949) (Show Source):
You can put this solution on YOUR website! .
After what period is the interest generated equal to the original principal if the account pays 6% compounded daily?
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Calculations in the post by @mananth are incorrect.
I came to bring a correct solution.
Let Principal be 100
Amount (FV) = 200
interest rate per year = 6% = 0.06
compounded daily
Amount = , where 'n' is the number of days
(counting 365 days in a year)
200 = 100*(1+0.06/365)^n}}}
2 =
ln(2) =
n = = 4217 days (rounded), or 11.553 years (rounded). ANSWER
