Percentage

[Anonymous]

IF YOU WERE ABLE TO GET 20% OF $100.00 DAILY FOR 1 WEEK
AND USING ONLY YOUR INTEREST OF $20.00 WITH THE SAME 20%
FOR 7 DAYS YOU WOULD THEN HAVE 4.00 AND USING THE SAME PERCENTAGE ON THAT. WHAT WOULD YOU HAVE IN 30 DAYS?
i AM USUALLY VERY EXCELLED IN MATH BUT THIS ONE HAS GOT ME
ANY HELP WITH THE SOLUTION PLEASE

[Casiopea]

IF YOU WERE ABLE TO GET 20% (interest) OF $100.00 DAILY FOR 1 WEEK AND USING ONLY YOUR INTEREST OF $20.00 WITH THE SAME 20% FOR 7 DAYS YOU WOULD THEN HAVE 4.00 AND USING THE SAME PERCENTAGE ON THAT. WHAT WOULD YOU HAVE IN 30 DAYS?

i AM USUALLY VERY EXCELLED IN MATH BUT THIS ONE HAS GOT ME
ANY HELP WITH THE SOLUTION PLEASE

According to what's written,

IF YOU WERE ABLE TO GET 20% (interest) OF $100.00 DAILY FOR 1 WEEK

$100 x 20% interest = $20 per day :D
$20 interest per day x 7 days (1 week) = $140 interest for 7 days :D

AND USING ONLY YOUR INTEREST OF $20.00 (per day) WITH THE SAME 20% FOR 7 DAYS YOU WOULD THEN HAVE 4.00

$140 x 20% = $28 per week :D
$28 divided by 7 days = $4 per day :D

AND USING THE SAME PERCENTAGE ON THAT (4.00). WHAT WOULD YOU HAVE IN 30 DAYS?

$4 per day x 20% interest = ____ cents per day x 30 days = $_____

Hope that helps you along.

All the best, :D

[Francois]

If you can reinvest all your winnings, you'll get back 30 days later:
100 * (1+20%)^30 =
100 * 1.2^30 =
100 * 237.3763 =
$23737.6314

This is the future value of an intial lump sum investment.
(20% a day is a hell of bargain).

FRC