I have a request

Hi guys,

Could anyone write a little program for me? Well not really a program, it's probably just a few lines.
I want to know how long it takes me to reach X amount of money if I get 10% interest every day. So for example I start with
1000 EUR. Every day I get 10% added, so the next day I would have 1100 EUR, the following day 1210, etc.

Is anyone capable of doing this? I'm sorry if this would be very difficult, but I think it's probably very easy and fast for an experienced programmer.

I would really appreciate it. I've tried searching google for this kind of tool, but the only tools I can find that are close to it are savings calculators. They only give you the option to choose weekly, monthly, or whatever. Not daily.

Thanks guys.

This is a simple compounding interest.

http://math.about.com/library/blcompoundinterest.htm

Click to expand...

Your question has to do with compounded interest (the interest earned rolled immediately back into the principal, and then recalculated), and your special "twist" is that you want it calculated daily.

There's a formula for this. Also a lot of websites, but most people want to know about interest that is compounded yearly. I found this site, which allows you to change the compounding period to daily.

xxx.mw-plus.com/webdic.php

@beagle - unfortunately that doesn't allow me to change the type to daily. Thank you though.

@B.Friendly - Thank you for your help, but or that tool is incorrect, or I'm doing something wrong. It says the interest is 0.27 cent even though 10% from 1000 should be 100 eur.

Edit: seems I'm doing something wrong. Other tools say the same.

Amount = starting amount * (((interest rate + 100) / (100)) ) ^ number of years

For example

Final Amount = 120 * ( (105/100) ) ^ 4)

This would tell you after four y ears how much money you'd have in your bank account when you started with 120 dollars and had a 5% interest rate.

Does that help?

This can be done in Excel is 5 seconds. PM the amount you want to hit and I will send you the # of days with a screenshot.

Thanks guys. You're all great help.

@SeaLair; I'm trying to hit 10k, starting with 1k.

Thank you very much

It would take you 25-26 days. Here it is by day:

Awesome. Thank you mate, really appreciate it!