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Compound daily interest

  1. #1
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    02-23-2008
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    Compound daily interest

    Hey,

    Looking for a formula that gives me the abilty compound daily interest for R.R.S.P's. I would like the ability to start with a principle and add biweekly to the principle.

    I.E

    100$ + 15 days of compound interest @ 8% a day + 150$ biweekly increment = $ yearly total with the abilty to change the principle (100$), the biweekly increment (150$) and the interest rate (8%)

    Anybody have any clue how i would do this? Any help would be appreciated.

  2. #2
    Forum Guru shg's Avatar
    Join Date
    06-20-2007
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    The Great State of Texas
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    2003, 2010
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    40,650
    Use the FV function, once for the principal, and once for the additions. You need to know how often interest is compounded; the example assumes daily.
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    Last edited by shg; 02-23-2008 at 08:02 PM.

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