David G. answered • 01/03/21

Analytics Professional, B.A. in Statistics, Flexible Tutor

Your investment total would be $1000 * (1.01^{365}), or about $37,783.43.

Julien L.

asked • 01/03/21A crypto program takes a total investment and returns a 1% daily interest rate.

So if I invest $1000, after 24 hours my investment remains $1000 and my interest is $10, but that $10 is then compounded to the $1000. So the next day the 1% interest would be out of the $1010. Every day the interest is added to the total, increasing the percentage rate of my income. After 365 days, without adding any additional funds, what would my investment total be?

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David G. answered • 01/03/21

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Analytics Professional, B.A. in Statistics, Flexible Tutor

Your investment total would be $1000 * (1.01^{365}), or about $37,783.43.

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