Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Easy Math question! Plz help?
You start out with $20,000,000 and earn 2% interest daily on the amount you have each day. How much will you have in the bank after 90 days?
For instance:
1st day I will earn 400,000 and have a total of 20,400,000
2nd day I will earn 408,000 and have a total of 20,808,000
3rd day I will earn 416,160 and have a total of 21,224,160
90th day I will earn X and have a total of X amount.
I find it hard because the 0.02% counts towards the money you earned from the previous day and it accumulates.
Can someone tell me the equation or tell me how to solve it please?
Why would you add 1.02% to the power n days and multiply it to you starting amount?
How does this work? Can someone explain it to me?
1 Answer
- Anonymous8 years agoFavorite Answer
Make sure you multiply by 1.02%. This way it will keep you original amount and simply add 2% to your previous amount. What you want to do is take that 1.02% and take it to the 90th power. Multiply that by your original amount of $20,000,000. That is your answer. I wish my interest was like this. LOL