Daily compound interest

[Karen]

I need to calculate daily compound interest and I tried the following formula

Column A (no of days) | Column B
1 | 3000
2 | =FVSCHEDULE(B1,0.05974/365)
3 | =FVSCHEDULE(B1,0.05974/365)
And so forth

However, this doesn’t work so well if the number of days gets larger, e.g
5000 days. Is there a better way to calculate daily compound interest?

Thank you.

 

[Jacob Skaria]

Hope this helps..
http://support.microsoft.com/kb/213907

If this post helps click Yes

 

[Fred Smith]

Do you mean you want to calculate the interest every day? If so, it's just
amount*rate/365. I would add another column for Interest (say, column B).
Move Amount to column C.

C2 = $3000.00
B3 = c2*IntRate/365
C3 = c2+b3

Copy down.
You many want to round B3.

Regards,
Fred.