Open Question: Calculating weekly compound interest?
If I start with $1,000.00 and I make 1.00% interest five days a week for 40 weeks per year how much would my investment be worth at the end of those 40 weeks with daily compounded interest?
Additionally if I started with that same $1,000 and made the same 1 percent daily compounded interest how much would that $1,000 be worth at the end of 80 weeks?
One week in this equation is equal to 5 days which means 5.0% interest per week instead 7.0% which makes this equation so hard for me to figure out.
Thank you very much for your help in advance. I WILL vote for the best answer. :)
Instead of mathematical formulas I really need someone to just post the final result. I fail terribly at math. I should have put that in my original post. Sorry about that!
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