Question 1177589
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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.



<pre>
Let Principal be 100
Amount (FV) = 200
interest rate per year = 6% = 0.06
compounded daily

Amount = {{{P*(1+0.06/365)^n}}},  where 'n' is the number of days
                                  (counting 365 days in a year)


200 = 100*(1+0.06/365)^n}}}

2 = {{{(1 + 0.06/365)^n}}}

ln(2) = {{{n*ln(1 + 0.06/365)}}}

n = {{{ln(2)/ln(1+0.06/365))}}} = 4217 days  (rounded),  or 11.553 years  (rounded).    <U>ANSWER</U>
</pre>

Solved in a way as it is expected to be solved.