Question

If you invest a penny on Jan 1, 1776 at 10% interest compounded daily, how much would you have on Jan 1, 2011?

Answer 1

Multiply 1.10 times 1 penny (because you want to add .10 AND the penny) then you multiply that by 365 for how much you make in a year which is 401.5 then multiply that by 35 years, and you get 14052.5.

Answer 2

I'm not sure if this is the right answer, but here goes nothing.  To find the amount of money you would make in one day, you have to multiply 1.10 times 1 penny (because you want to add .10 AND the penny) then you multiply that by 365 for how much you make in a year which is 401.5 then multiply that by 35 years, and you get 14052.5.  Sorry if that's wrong!  Good luck!