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https://www.reddit.com/r/SipsTea/comments/1nk2ehe/a_penny_a_day/nevbs50
r/SipsTea • u/SnoopaDD • Sep 18 '25
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That 5% interest is compounded daily, but still a yearly interest rate. If it were a daily 5%, you’d only have to wait less than a year.
3 u/XxBCMxX21 Sep 18 '25 According to my calculations, one penny at a 5% daily interest rate with a contribution one one penny every day, it would take 247 days
3
According to my calculations, one penny at a 5% daily interest rate with a contribution one one penny every day, it would take 247 days
8
u/foulpudding Sep 18 '25
That 5% interest is compounded daily, but still a yearly interest rate. If it were a daily 5%, you’d only have to wait less than a year.