compound interest

Discussion in 'General Chat' started by Stax_Daniel, Mar 25, 2008.

  1. #1
    ok...i'm driving myself crazy over what should be rather simple...and I'm not in a thinking mood at the moment...lol...so figured i'd see if someone else here knew...

    say I have an account that earns 3.10% monthly, interest compounded daily...

    how do I figure out what the daily percentage is?...I know it isn't as simple as just dividing 3.10% by 30 is it?

    my scenario is
    account starts with 150,000
    interest earned first day is 153
    that is .102%

    for the life of me I can't figure out how they got that percentage...:(
     
    Stax_Daniel, Mar 25, 2008 IP