Calculate the daily interest rate on an annual rate of 17.7%?

Question

Calculate the daily interest rate on an annual rate of 17.7%?

Answer 1

I don't have a financial calculator, so I'd be reduced to using logarithms:

The equation I want to solve is

(1 + x)^365 = 1.177 , where x is the daily interest rate.

Well, the logarithm of 1.177 is 0.16296882827813966531236803093531

I'll divide that by 365 and get

0.0027397260273972602739726027397313

and the antilogarithm of that is 1.0027434825065410405654038691948

So your daily interest is 0.27434825065410405654038691948074%  

(Round as applicable)