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What's the formula for monthly compounded interest if...?
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<blockquote data-quote="Yukir" data-source="post: 2121594" data-attributes="member: 756046"><p>My bank offers an "easy start" CD, which you continue adding money to on a monthly basis. The interest is compounded daily (it's .75%) and I would add a deposit of $800 to this CD at the beginning of every month, and this would continue for 3 years. </p><p></p><p>I need a formula that will let me compound daily interest for 3 years while adding a monthly amount to the principle. Or, better yet, a solid number.</p></blockquote><p></p>
[QUOTE="Yukir, post: 2121594, member: 756046"] My bank offers an "easy start" CD, which you continue adding money to on a monthly basis. The interest is compounded daily (it's .75%) and I would add a deposit of $800 to this CD at the beginning of every month, and this would continue for 3 years. I need a formula that will let me compound daily interest for 3 years while adding a monthly amount to the principle. Or, better yet, a solid number. [/QUOTE]
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