How to compute compound interest in excel
This query is : Resolved
27 October 2010
Can anyone proide me a sheet of compounding interest in excel via email: kapilbhatia2004@yahoo.co.in
29 October 2010
How do you want to compound?
Daily? Monthly?
Daily? Monthly?
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
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
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
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
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
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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