Question 1188250: What is the future value of an ordinary annuity having daily payments of 50 pesos for 30 days with an interest rate of 20%compounded daily? Answer by Theo(13342) (Show Source):
pv = 0
fv = 0
np = 30 days
pmt = 50 pesos each day (entered as -50 because it is money going out).
ir = 20% per year / 365 days in a year = .0547945205% per day.
payments are made at the end of each day.
the calculator tells you that the future value of the investment is equal to 1511.98 pesos.
your time periods are in days.
your number of time periods is given as 30 days.
your interest rate per year is 20%, divided by 365, equals .0547945205% per day.
