Ok, its been a while since I have done any type of equation like this - But I know it can be done and its simple, I just forgot how to do it since its been so long. I want to figure out how much money I would have at the end of a time period, if the amount of money I started with increased by a certain percentage everyday. For example, If I have $30 in a bank and for each day for the next 45 days my total amount of money is increased by 3%, then how much money would I have at the end of the 45 days. More importantly, how would the equation for this problem look? How would this type of equation look in excel? Please help if you can. I was unsure which topic to post this thread in, which is why I chose General. I hope someone can help me with a thorough explanation. I appreciate it.
I don't know how the fuck it looks in excel, but it's a y=Pe^(rt) where p is the principle(in your case $30), e is a constant (pretty much all scientific/graphing calculators have it, I'm assuming excel does too), r is the rate at which principle is being compunded (3% in your case), and t is time (45 in your case). There are also more equations to specify how many times in a day you compound the interest,but I'm not gonna type those unless you need it
It would be that if you weren't taking interest on the interest. Day 1, you get $30(0.03% interest), so you get $0.9 dollars that day. But then,the next day, you get interest on $30.9, which is slightly more than Day 1. Then this repeats for 45 days. You could be right though, I'm not sure exactly what OP wants.
I want basically what you described - in which you have to take into account a new starting number, before tacking on the 3% interest. Example: Day 1 - $30 Day 2 - $30.90 Day 3 - ($30.90 * 3%) + $30.90 = $31.82
30(.03) take that and multiply it by 45 then take that and add it to 30 idk how to do that on excel though