x
• Status: Solved
• Priority: Medium
• Security: Public
• Views: 313

# Simple Excel Formula Help.. Daily interested Rate of .008582

I need help with Excel formula... I want to make a spreadsheet that goes for at least 5 years on a daily basis
with a daily interest rate of  .08528%.    I would like to have a spread sheet that has this formula.

How do I make this as I am a beginner in  Excel.?

Thank you,
0
4ubest
• 7
• 6
1 Solution

Commented:
assuming you have a value in A1, the following formula will give you the value+compounded interest over 5 years.
=A1*(1+0.08528%)^(365*5+1)

Thomas
0

Author Commented:
I think I messed up with my question...   Instead of 1% interest per day it is .85228%  per day.
0

Commented:
Do you want to calculate the total interest, the daily interest (it would vary daily due the compound effect) or the total at the end of 5 years?
My formula does take the 0.08528% per day, I'm adding 1 to calculate the compound effect, e.g. \$100+ 5%=\$100*(1+5%), i.e. 105\$, not just 5\$
0

Author Commented:
You are the expert..  doing it longhand and using 1%/day  I got starting with \$7,000 after 30 days  \$9300 and after 60 days  \$12346  and after 120 days   \$21714   but I now need to calculate all these at  .8528%/day

0

Commented:
Try that
in cell A1, put .8528%
in cell A2, put your number of days =365*5
in cell A3, put your amount \$7000
in cell A4, put your result =A3*(1+A1)^A2
That way you can play with the different variables in cells A1 to A3

Warning, this is compound interest, meaning the interest gained in day 1 earns interest on day 2.
The simple interest formula is the following :
=A3*(1+A1*A2)
0

Author Commented:
Hi.,.. I never felt so thick before... What I want to do is to put  X dollars in on Day 1 and at  .8528% interest to be able to see   the total for each day and the interest earned that day  for about 3700 days.

This is what I have started but I do not yet know how to carry the formula down the columns. so the computer does it automatically and not me.

http://screencast.com/t/i8c0Sc0sg
0

Commented:
take your excel file, go to cell a3701, click on cell A3701, do Ctrl+shift+Up Arrow, Tab, F2, Ctrl+Enter
Repeat from cell B3701. That should take care of copying the formulas.
0

Author Commented:
This is what I get after the first step..

go to cell a3701, click on cell A3701, do Ctrl+shift+Up Arrow, Tab, F2, Ctrl+Enter

http://screencast.com/t/odQQNEDg

doing that for B3701  I made a huge mess:  I do not think I did this as you said but I tried  3x and got the same thing...

http://screencast.com/t/IipTBzKNBT

0

Commented:
change your formula in cell B6 and replace B1 by \$B\$1, thus changing your relative address to an absolute address, then redo the copy.
0

Author Commented:
It has to be easier than this as I had a lady do it while we were on the phone a week ago and that is what I used until I tried to modify it from 1%/day to   .8528%/day  and ruined the spreadsheet.

What you are doing is too hard for this old brain to understand,
0

Commented:
well I assume that your formula in cell B2 is something like =A2*B1, isn't it? If you copy it down to the next cell, by one of the below means:
- Copy / Paste
- Ctrl + C / Ctrl + V
- get your pointer on the lower right corner of the cell until it turns into a little black cross and drag down
you will have the formula A3*B2  in cell B3. But that's not what you want. what you want is A3*B1. By changing the formula to A3*\$B\$1, when you copy it down, it will become A4*\$B\$1, A5*\$B\$1, etc.
Clear as mud?
0

Author Commented:
That worked...  thank you.
0

Commented:
Thanks for the grade, sorry if I took a while to understand your problem.

Thomas
0
Question has a verified solution.

Are you are experiencing a similar issue? Get a personalized answer when you ask a related question.

Have a better answer? Share it in a comment.