Formula for compounding interest daily? I would like to know the formula for finding a balance in a bank account that receives 1% interest daily. I tried this $A(t)=P(1+rn)nt$, but I don't think it is the formula I am looking for. The interest is calculated daily, and then automatically added to the balance.

Balance@dayN = Balance@day1 * (1.01)^(N-1)

By the way, this is not linear algebra. Have a look at Wikipedia.

Receiving 1% interest means multiplying what you have by 1.01. You multiply once every day.