Compound Interest Calculator
About Compounding Interest Calculations
Most banks compound interest on a daily basis for savings accounts (and pay interest monthly). So we've made it our default option, but play around with other settings to see the difference over time.
Warning, finance nerd speak: When using a daily compound inverval, the effective interest rate (calculated on an annual basis) will be slightly higher than the interest rate you entered. For example, if you saved a base amount of $100 at 5% interest for 5 years, your effective annual rate is 5.13%.
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