where P is initial money;

r - annual rate (as a decimal);

n - compounded (n times a year);

t - time(years);

A - amount after t years

answer 3.465009677 years

]]>n = log(A/P)/(q log[1+(i/q)])

where the annual rate of interest is i (as a fraction, that is 100i percent), the amount of the principal is P, the number of years is n, the number of times per year that the interest is compounded is q, and the amount after n years is A.

i=0.11, P=3427926, q=365, A=5000000

can someone please double check this for me because i havent done maths in years and i used the dodgy computer calculator so i may have made a mistake.

]]>dy/y = 0.11dt

ln(|y|) = 0.11t + C

y = C*e^(0.11t)

y(0) = 3,415,569

y(0) = C*e^0

C = 3,415,569

y = 3,415,569*e^(0.11t) --> This is the equation you're looking for

y = 5,000,000

5,000,000 = 3,415,569*e^(0.11t)

e^(0.11t) = 1.464

0.11t = 0.381

t = 3.464

If you don't know calculus, don't worry about the above. If you do, just ask and I'll explain all the steps.

Edit:

Or are you saying that the interest rate is compounded daily? I'm having a little trouble understanding your wording.

]]>Account Type : Millionaire Double Platinum

Current Balance : 3,415,569 NP

Millionaire Double Platinum Interest Rate : 11% per year.

Yearly Interest : 375,712 NP

This interest rate means that you will gain 1,030 NP per day (it's rounded up)! You will have to claim this yourself by clicking the Collect Interest button below.

My question is how long will it take to get to $5,000,000 just with the daily interest going into the account, and what formula do i use to find this out?

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