Question

In compound interest, 45% per year and equivalent to 0.103% per day?

Answer 1

In compound interest, 45% per year and equivalent to 0.123 %% per day

Step-by-step explanation:

To find the daily interest rate, we just divide the yearly interest rate by the number of days in a year.

Now there are 365 days in a year. The yearly compound interest we are given is 45%; therefore, the daily compound interest (rounded to nearest thousandths) is

`45\%/365=0.123`

Hence, the daily compound interest is 0.123%.