Daily compound interest
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. |
Daily compound interest
Hope this helps..
http://support.microsoft.com/kb/213907 If this post helps click Yes --------------- Jacob Skaria "Karen" wrote: 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. |
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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