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

[Ivonne]

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)

Thank you in advance,
Ivonne

 

[lyanik]

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

 

[Ivonne]

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?