A growth function has the following form.
where
= Original amount,
r = annual rate of change,
n = number of periods,
t = time in years
Since the time is in years, we need to convert t into days. We know that 1 year = 365 days. So t years = 365t days.
So in this case, n = 365, r = 0.0095.
Then the function is rewritten as follows.
The daily growth rate would be
where
r = annual rate of change,
n = number of periods,
t = time in years
Since the time is in years, we need to convert t into days. We know that 1 year = 365 days. So t years = 365t days.
So in this case, n = 365, r = 0.0095.
Then the function is rewritten as follows.
The daily growth rate would be