Hi Joeu

Thanks for the thorough explanations, some of the functions I did not know
existed.

It's annual statutory interest of 6% on each individual annual amount.
The calculation is not compounded...it's an annual interest of 6% on the
first year
The second year is calculated separately at another 6% and then the
remaining days to get the value I am seeking....I am not sure what category
this would fall under but it's not compounded.

What formula would you suggest for the above calculation.

Thanks again
"joeu2004" wrote:

Errata....

On Apr 21, 4:28 pm, joeu2004 I wrote:
On Apr 21, 2:55 pm, Dermot wrote:

The calculation was explained to me as 6% per annum.......I assumed from
that it was compounded each year....as you have explained.......I will need
to double check I have the correct understanding of the required calculation.
The seed of doubt!

A pretty big seed, IMHO.

Unless you are talking about a bond.