1 question that will take 1 minute of your time - Excel simple formula

Ivonne

New Member
Hello everyone,
I like to use Excel to calculate this and would like formula for each field:

Initial deposit is \$100
That \$100 makes 3% per day = \$103 in 1 day
Then if I enter 2 days I will start to compound interest and will make total 106.09 and so on.

Able to change values:
A1-deposit amount
B1-interest per day (0-20%)
C1-number of days compounded interest
D1-I will get Total

Example:
Initial deposit is \$100
That \$100 makes 3% per day = \$103 in 1 day
Then if I enter 2 days it will start to compound interest and will make total 106.09 and so on.

Can you help? I am total newbie and need little jump start
(I promise I will learn)

Ivonne

Excel Facts

Get help while writing formula
Click the italics "fx" icon to the left of the formula bar to open the Functions Arguments dialog. Help is displayed for each argument.
After one day, the \$100 sees 3% growth (103% of original) and after two days it sees 6.09% growth (106v09% of original). If you'll notice, 1.0609 is 1.03^2. The next day would see 1.03^3 = 1.092727 → 9.2727% growth.

So the formula would simply be (if your value in B1 is just a number between zero and twenty, i.e. just 3 instead of 0.03 or 3%):

=A1 * (1 + B1/100) ^ C1

Wow, I made it - thanks to YOU.

Thank you so much......

BTW: would you happen to know of any application like Excel that I can use on the website. Just asking, probably better if I post new message on the forum?

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