Forum Discussion
Compounding interest daily at 3.5%
Hello,
I am trying to make a formula in a spreadsheet that would compound interest daily at 3.5% per day, adding it to the new total for that day, and the next etc for about 30 days. Thank you. David
itsav compounding interest doesn't care about the time frame. So lets say in column A2:A31 you have 1 through 30, that could be days, months, years. In cell B1 you have the starting value and then in cell B2 you then have:
=B1 * 1.035
Then drag or fill down the 30 cells.
Using modern formulas you could use:
=SCAN( B1, SEQUENCE(30), LAMBDA ( p, q, p*1.035 ) )
and that should fill down the 30 cells.
2 Replies
itsav compounding interest doesn't care about the time frame. So lets say in column A2:A31 you have 1 through 30, that could be days, months, years. In cell B1 you have the starting value and then in cell B2 you then have:
=B1 * 1.035
Then drag or fill down the 30 cells.
Using modern formulas you could use:
=SCAN( B1, SEQUENCE(30), LAMBDA ( p, q, p*1.035 ) )
and that should fill down the 30 cells.
- Thank you!
