How to calculate daily compound interest

[wmlbrn]

I am trying to set up my excel to calculate daily compound interest.

The amount is 10,000 at 0.75% per day for 6 months.

I have tried several different things with no success - help please

 

[pedro-egoli]

Not sure if this will help

Book1
	A	B	C	D
1	10000	0.75%
2	day1	$0.21	$10,000.21
3	day2	$0.21	$10,000.41
4	day3	$0.21	$10,000.62
5	day4	$0.21	$10,000.82
Sheet1

Copy formulae down to row 184 and Cell C184 (dAY 183) will show $10037.67

Pedro

 

[Stormseed]

Check these links:

http://support.microsoft.com/kb/213907
http://www.mrexcel.com/archive2/34400/39458.htm

Hope it helps !

 

[wmlbrn]

Doesn't that calculate .75% per annum???

I am looking to figure out .75% per day compounded.

 

[wmlbrn]

Check these links:

http://support.microsoft.com/kb/213907
http://www.mrexcel.com/archive2/34400/39458.htm

Hope it helps !

Both of those are still annual interest. Need to figure out daily compounded.

I know that if a1(principal(10,000))*0.75%=75

How do i make the formula to figure out what that would be the next day - ie 10,075*0.75 and so on. Is there also a way to have it show me what it would be in 182 days without having to have 182 lines?

 

[Stormseed]

wat about these links:

http://www.mrexcel.com/archive2/59200/68563.htm
http://forums.contractoruk.com/acco...ulating-interest-daily-basis-overdue-inv.html

EDIT:
More Links:

http://www.ozgrid.com/forum/showthread.php?t=13993

 

[pedro-egoli]

Book1
	A	B	C	D
1	10000	0.75%
2	day1	$75.00	$10,075.00
3	day2	$75.56	$10,150.56
4	day3	$76.13	$10,226.69
5	day4	$76.70	$10,303.39
6	day5	$77.28	$10,380.67
7	day6	$77.86	$10,458.52
8	day7	$78.44	$10,536.96
Sheet1

 

[wmlbrn]

Well they kinda helped - this is what i have done

a1 = starting balance
b1 = interest rate
c1 = interest earned (a1*b1)
d1 = a1+c1
a2 = d1
b2 = interest rate

and so on for 182 days

is there a better way?

---------
pedro-egoli - that is exactly what i have done - is there a way though to get A2 to = 182 days

 

[Richard Schollar]

Hi

=StartingBalance * (1 + Rate)^NumberOfDays

ie:

=10000*(1+0.0075)^182

 

[wmlbrn]

Hi

=StartingBalance * (1 + Rate)^NumberOfDays

ie:

=10000*(1+0.0075)^182

Thank you - that is exactly what i needed