The future value of an ordinary annuity having daily payments of 50 pesos for 30 days with an interest rate of 20%compounded daily is: .055% per day.
What is the interest rate?
Using financial calculator to find the future value
Present value = pv = 0
Future value = fv = 0
Numbers of period = np = 30 days
Payment amount = pmt = 50 pesos each day (-50)
So,
Interest rate = 20% per year / 365 days in a year
Interest rate = .055% per day
Therefore the interest rate is .055% per day.
The complete question is:
What is the future value of an ordinary annuity having daily payments of 50 pesos for 30 days with an interest rate of 20%compounded daily?