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how to calculate interest on a savings account compounded daily. Choose the interval that your savings will compound at. In general youll earn more on an account with compound interest than on one with simple interest.
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Whenever you make a deposit or withdrawal on an account with daily compounding the banks computers simply calculate the interest earned to that date on the previous balance and then use the new balance going forward. How to calculate interest on a savings account There are online compounding interest calculators to help you figure it all out. PV represents the present value of the investment.
Fees may reduce earnings.
R the interest rate decimal n the number of times that interest is compounded per period. Fees may reduce earnings. Next increase the number of periods to 12. Next enter how much money you intend to deposit or withdrawal daily.
