If I improve at something 1% daily what will be my overall improvement after 1 year?
What is the formula to calculate this?
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Do research on the concept of compound interest. That might help. – Michael Rybkin Jun 30 '19 at 01:29
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1The result depends : leap year or not ? – Claude Leibovici Jun 30 '19 at 04:19
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Thanks Claude :) – Dercni Jun 30 '19 at 20:02
1 Answers
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If your current "stock of talent" is $k_{0}$, your stock of talent tomorrow will be $k_{1}=k_{0}(1+0.01)$. Starting from tomorrow's stock $k_{1}$, your stock of talent after an additional day of improvement will be $k_{2}=k_{1}(1+0.01)$. But this is just $k_{2}=k_{0}(1+0.01)(1+0.01)=k_{0}(1+0.01)^2.$ More generally, your stock of talent after $t$ periods of improvement will be $k_{t}=k_{0}(1+0.01)^t$.
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