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how to calculate interest on a savings account compounded daily. All daily collected balances greater than 150000 will not earn interest. The above calculator compounds interest daily after each deposit is made.
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The more often interest compounds the faster your balance will grow. Compounded daily the total principal and interest earned balance is 298352 after 5 years. Click on cell B5 to select it and then click inside the formula bar to enter this formula.
First enter your initial amount you have set aside then enter the interest rate along with how long you intend to invest for.
If this calculation is for a lump sum deposit with no recurring transactions enter Never in the add money drop down. The more often interest compounds the faster your balance will grow. Thats a simple way but you can also calculate interest in a savings account yourself by using a spreadsheet like Microsoft Excel or Google Sheets. Daily Monthly Quarterly Semi-annually Annually.
