Launch your preferred spreadsheet such as Microsoft Excel. Unless you are withdrawing the daily interest you are accumulating it will be. If the interest is compound then you will get 30 in your first year and if you have.
Includes compound interest formulas to find principal interest rates or final investment value including continuous compounding A Pert.
Assuming the contract has a 365-day year some are 360 the daily interest rate can be found by dividing 15 by 365. The formula used in the compound interest calculator is A P 1rnnt A the future value of the investment P the principal investment amount r the interest rate decimal. Generally compound interest is applied to things like bank accounts where the bank calculates the amount of interest youve earned on your balance and adds the interest on top of that. Enter the details.