How to compute compound interest in excel

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KAPIL

KAPIL (Querist)
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27 October 2010 Can anyone proide me a sheet of compounding interest in excel via email: kapilbhatia2004@yahoo.co.in

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)
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29 October 2010 How do you want to compound?
Daily? Monthly?

KAPIL

KAPIL (Querist)
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30 October 2010 both

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)
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01 November 2010 Step 1
Get the annual rate. Let us say 12%

Step 2
If monthly compounding, then get monthly rate which is 12/12 = 1% or 0.01
If it is daily compouding then get the daily rate which is 12/365 =0.03287% or .003287

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)
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01 November 2010 Step 3
Add 1 to the above
Monthly - 1.01
Daily - 1.003287

Step 4
What period?
Let us say 3 months for monthly commpounding
Let us say 15 days for daily compounded

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)
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01 November 2010 Final Step
On a principal amount of 200, the maturing amount will be

for monthly 200 X (1.01)^3

for daily 200 X (1.003287)^15

^ is a function in Excel (raised to)

Hope this is clear, if not pls revert

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