Lux Investing

the value of $1.00 compounded daily invested at 8.15% for 60 months?

what will the value of a certificate of deposit after 60 mos compounded daily at 8.15%

Public Comments

1. It depends on how many days are in the 60 months(depends on what month you start). It's (1+.0815/365) to the power of 'however many days in the 60 months. If you use a general 30 days in a month(which is not accurate), it's... (1.00022)^ to the power of 1800 = 1.49
2. Assuming 8.15% is the nominal rate, the effective rate is 8.49%. Then you can assume 60 months is five years, so your dollar will grow to $1.50 at maturity.