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For a loan that accrues daily and compounds yearly with a 10% annual interest rate, why is 100*(1+.10)^1.5 equal to 115.369, and not 115.50?
Does the future value formula not work when trying to calculate compounded interest intra-period? Does the number of periods have to be an integer? How should one calculate accrue interest intra-period. Would I have to manually calculate the accrued partial period interest after using the future value formula for an integer number of periods?
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