How much money will I be able to withdraw from my account?

Question

suppose...

I start to put $1.00 to my savings account today. I keep on putting this $1 EVERYDAY until 2018.

my bank gives 10% interest.

In 2018, how much exactly will I be able to withdraw from my savings account?

Answer 1

Number of Days starting from 7/29/2008 thru 12/31/2017 is 3442 days.

Most banks Calc. Interest on an actual/actual basis there for your daily interest rate is approx. 0.0273979% (not in decimal form)

So using Time value of money calculations

you have

PV=1

PMT=1

n=3442

i=0.0273979

So at maturity you would have $5,718.43