Question
Hello I am planning out my entire life financials for a class project but am unsure of what equation to use to calculate interest in
Hello I am planning out my entire life financials for a class project but am unsure of what equation to use to calculate interest in my savings account due to the fact that I am constantly contributing money to the account monthly.
the APR is 1.05% which makes the monthly 0.0875% however I am making monthly deposits based off my salary so I will con contributing 20% a year of my salary to that fund I already have the numbers for what 20% of what my salary is suppose to be so the numbers are
$917, $944, $972, $1,002, $1,032, $1,063, $1,095, $1,127, $1,161, $1,196, $1,232, $1,269, $1,307, $1,346, $1,387, $1,428, $1,471, $1,515, $1,561, $1,607, this is the monthly amount i will be putting into savings... how do I properly calculate the interest I am earning. I've been messing around with this for awhile but because my "monthly deposits" change yearly I'm getting confused on which is right and what isn't.
I am doing all of this in excel too.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started