APY CD Formula
How should I input the dates? These formulas aren't working. My answer
should be like $1,029.30. What could be wrong?
"joeu2004" wrote:
On May 8, 4:17 am, sross002
wrote:
Can someone help me with an APY formula for a 6% CD
investment of $1,000 with interest compounded daily?
I just want to know what the total amount will be
after 6 months if I invest $1,000.
Assume that A1 and A2 have the starting and ending dates. Then either
of the following formulas should do the trick, whichever you feel more
comfortable with:
=fv(6%/365, A2-A1, 0, -1000)
=1000 * (1 + 6%/365)^(A2-A1)
Caveat: In the US, financial institutions can (and usually do) use
366 instead of 365 in leap years.
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