Daily compound interest
Do you mean you want to calculate the interest every day? If so, it's just
amount*rate/365. I would add another column for Interest (say, column B).
Move Amount to column C.
C2 = $3000.00
B3 = c2*IntRate/365
C3 = c2+b3
Copy down.
You many want to round B3.
Regards,
Fred.
"Karen" wrote in message
...
I need to calculate daily compound interest and I tried the following
formula
Column A (no of days) | Column B
1 | 3000
2 | =FVSCHEDULE(B1,0.05974/365)
3 | =FVSCHEDULE(B1,0.05974/365)
And so forth
However, this doesnt work so well if the number of days gets larger, e.g
5000 days. Is there a better way to calculate daily compound interest?
Thank you.
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