CD daily compounded interest rate?

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CD daily compounded interest rate?

amount of investment: $49,764.82
term: 4 months
investment date: 10/20/2006
maturity date: 2/20/2006
interest rate: 5.60
APY: 5.75
compounded: daily - 123 days

Question: how much interest earned?

2006-11-23 10:23:14 · 2 answers · asked by normitabetancourt 1 in Business & Finance ➔ Investing

2 answers

$947.97 in interest

Present Value x (1+APR/365)^(days) = Future Value

2006-11-23 11:45:01 · answer #1 · answered by csanda 6 · 0⤊ 0⤋

Principle X Interest (Divide by 12) do this 123 times and you have your answer.

2006-11-23 10:31:58 · answer #2 · answered by Snaglefritz 7 · 0⤊ 1⤋