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nper in days

Posted by paul on August 04, 2001 7:10 PM

simple question i guess, in future value is there a way to make nper in days so to know interest amount
thank you

Posted by Scott R on August 06, 2001 9:07 AM

Nper will represent days if your interest rate is stated as a daily rate. Using your example, try FV(5%/365,1,,-100)-100. This yields a 5.127% APR because of the daily compounding. To get a true 5% APR w/daily compounding, try FV(1.05^(1/365)-1,1,,-100)-100.