Question 1088728
f = p * (1+r) ^ n


f = 3000
p = what you want to find.
r = 5% / 365 /  100 = .0001369863014
n = 33 * 365 = 12045


number of days in a year can be 360, 365, 365.4, or some other value depending on how you look at the number of days in a year.


i chose 365.


if the number of days in a year is different than that, you can redo the calculations using the other value for number of days in a year.


interest rate = interest rate % divided by 100.


formula becomes:


3000 = p * (1 + .0001369863014) ^ 12045


simplify to get:


3000 = p * 5.206391456


solve for p to get:


p = 3000 / 5.206391456 = 576.2148362


an investment of 576.2148362 will becomes 3000 in 33 years at 5% compounded daily.


576.2148362 * (1 + 1.369863014 * 10 ^ -4) ^ (33 * 365) = 3000


note that 1.369863014 * 10 ^ -4 is equal to .0001369863014


note that 33 * 365 = 12045


it all checks out, assuming 365 days in a year.


i assumed 33 years.


i'm not sure what you means by 33/4.


you could have meant 33 or 34 years.


you could have meant 33/4 = 8.25 years.


use the same formula and make any assumption you want and you'll get the answer you're looking for.


just keep in mind.....


r = annual interest rate % divided by number of compounding periods per year divided by 100.


n = number of years times number of compounding periods per year.