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Old 09-03-2009, 21:45   #8
punky
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Join Date: Jun 2003
Age: 45
Posts: 14,750
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Re: daily interest rate

One thing I overlooked, the interest should be compounded as day one will be (£1000 + 9%) and then day 2 will be ((£1000 + 9%) + 9%).

Using an online calculator brings it out at £93.89 over the year and so 26p (£0.257) per day.

http://www.mw-plus.com/webdic.php?fo....00&CalcMode=1
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