How much is it per day if the interest is 5% per year?

interest finance

In two years, 5% is compounded.

Then, do I set the interest rate for the day to be compounded so that it is 5% per year?

1386 2016-06-23 Gentleman

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A. 1

That makes sense Haha
In reality, we simply calculate 5% / 365 days = 0.0137%.

Gentleman 9 years ago 0

A. 2

It makes sense, but if you calculate it like that, it becomes too complicated, so you simply use a dissection method, not a compound method, as a unit.
So 5% / 365 days = 0.0137%.

Gentleman 9 years ago 0

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