Banking Interest Question

**adam_weiler** · 02-24-2012, 05:50 PM

I'm trying to make an Excel sheet for Interest earned (in a Video Game). I want to input the amount of money I have, compare how much money I'll need, and figure out how many days it will take. Here's all the information:

-The amount in the bank right now in 1 cell. H12.
-All of the things I need to buy have been tallied up in 1 cell. H10.
-Every day the money collects interest at 2%, and the interest adds to the total money.

I'm not great at math so I'm not sure what the formula should be.

**Fotis1991** · 02-24-2012, 05:56 PM

Hi and welcome to the forum.

Maybe, in H13, try this.

=SUM((H12)*2)/100+H12

Copy down.

Hope to helps you.

**AndyPS** · 02-24-2012, 06:14 PM

If the value in H12 increases by 2% per day - thus after 1 day it is 1.02 times the initial value - and the amount to reach is in H10, the following formula will calculate the number of days

Please Login or Register  to view this content.

This solving (needed divided by money currently in the bank) = (1.02)^N where N is tne number of days
Hope this helps.

**adam_weiler** · 02-25-2012, 02:23 PM

Thank you Andy, that works perfectly! I also formatted the column so it rounds up to a whole day.

Fotis, that's originally what I had but then I realized it ignored the interest building daily.