By: Shamima Sultana

In reply to Jerry Boor.

Hello Jerry Boor,

Thank you for pointing that out! The $50,000 interest would indeed be for the entire year, not just one day’s interest. The formula and method used are correct, but the value for time was incorrectly set, which caused the confusion. I have since updated the article to reflect the correct time value (1/365) for daily interest. I appreciate your input in helping to ensure the accuracy of the content. Please feel free to check out the revised version of the article. Thanks again for your valuable feedback!

Regards
ExcelDemy