Article View: comp.apps.spreadsheets
Article #63Re: calculating interest
From: Porter, William M.
Date: Sun, 09 Aug 1992 09:26
Date: Sun, 09 Aug 1992 09:26
19 lines
1476 bytes
1476 bytes
Hello, netters! I want to thank Mark Toms (to whose posting I am responding here) and the dozen or so other visitors to this group for excellent responses to my query about calculating interest on my daughter's deposits in the "Bank of Dad". The formula Mark Toms suggested was suggested by many who wrote to me: > 100 * ((1 + (0.1/365))^6) = 100.16 > > where 100 = Principle > 0.1 = Annual Interest Rate > 6 = Number of days > Of course, given that my daughter's entire balance right now is just over $100, the difference between this formula for compound interest and the formula I was using earlier (which did not compound) is negligible. But I am glad to have it right anyway. Hey, who knows! Maybe she'll get rich and deposit it all with ME! William Porter * * * Classical Languages: University of Houston Internet: wmporter@jetson.uh.edu /or/ CompuServe: 75430,1351
Technical Details
Message-ID:
<9AUG199204262589@jetson.uh.edu>Path:
arc1-ca.pugleaf.net!sparky!uunet!zaphod.mps.ohio-state.edu!menudo.uh.edu!jetson.uh.edu!wmporterReferences:
<6AUG199202140982@jetson.uh.edu> <18390@nntp_server.ems.cdc.com>Show Full Headers
Complete Article Headers
Newsgroups: comp.apps.spreadsheets Path: arc1-ca.pugleaf.net!sparky!uunet!zaphod.mps.ohio-state.edu!menudo.uh.edu!jetson.uh.edu!wmporter From: wmporter@jetson.uh.edu (Porter, William M.) Subject: Re: calculating interest Message-ID: <9AUG199204262589@jetson.uh.edu> News-Software: VAX/VMS VNEWS 1.41 Sender: usenet@menudo.uh.edu (USENET News System) Nntp-Posting-Host: rosie.uh.edu Organization: University of Houston References: <6AUG199202140982@jetson.uh.edu> <18390@nntp_server.ems.cdc.com> Distribution: usa Date: Sun, 9 Aug 1992 09:26:00 GMT Lines: 20