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annuity with daily compounding but annual deposit of money
I understand the Excel formula for calculating the future value of an annuity
when the compounding period is the same as the deposit period, e.g., put money in monthly and also compound monthly. But I don't understand how to calculate how much the money will earn in the bank, because the bank compounds daily. The problem: $2000 invested annually over 25 years at 6% interest compounded daily equals how much future value? Another way to say this is, how do I calculate APR? If I could calculate the APR on 6% compounded daily, I could plug the APR into the Excel formula with an annual deposit and come out with the right answer. -- Marjory K |
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