Ok resident Math whizzes. I need a formula to calculate compound interest. I know what your thinking, there are tons of compound interest calculators out there online already, but I can't find one that works for what I'm trying to do and so far I have not been able to put this together myself.
I need a formula to calculate compound interest on an initial investment with weekly contributions. So, case in point: initial investment of 15 dollars into a savings account and then contribute 30 dollars weekly (52 weeks) in an account that earns 1% interest compounded daily, paid monthly. I'm putting this into an excel sheet so bonus points for how to put the formula into excel.
As always, the assist would be greatly appreciated.
I need a formula to calculate compound interest on an initial investment with weekly contributions. So, case in point: initial investment of 15 dollars into a savings account and then contribute 30 dollars weekly (52 weeks) in an account that earns 1% interest compounded daily, paid monthly. I'm putting this into an excel sheet so bonus points for how to put the formula into excel.
As always, the assist would be greatly appreciated.
