Collect the necessary information. If interest is compounded daily find the rate at which an amount doubles itself in 5 years. It is the outcome of reinvesting interest rather than paying it out so that interest in the next period is earned on the principal sum plus previously accumulated interest.
P is the the principal investment or loan amount.
It is the outcome of reinvesting interest rather than paying it out so that interest in the next period is earned on the principal sum plus previously accumulated interest. T number of days between the date your last payment is received and the date your current payment is received is counted in this method. Check Out Your Investment Professional Its a great first step toward protecting your money. Launch your preferred spreadsheet such as Microsoft Excel.