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Hokies1215

Joined: 11/08/2004 Posts: 894
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Excel Gurus....


Does anyone know of a formula for this? Simple Interest savings account where you add $1200 each year. Earns 8%. What's the balance at the end of 20 years?

I did (1200*.08*20)+(1200*.08*19)+...etc.to show the first deposit earns for 20 years, the 2nd deposit for 19 years and so on to end up with $44,160 which is $24,000 from deposits and $20,160 of interest. Just wondered if there was a better formula.

Posted: 06/30/2017 at 08:21AM


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Current Thread:
 
  Excel Gurus.... -- Hokies1215 06/30/2017 08:21AM
  Re: Excel Gurus.... -- Nelsonia Hokie 06/30/2017 09:54AM
  This is the best I've got, definitely easier to type in -- jmanatVT 06/30/2017 11:20AM
  Are you familiar with "Functions"? You could go to the financial function -- Late 80s Hokie 06/30/2017 08:52AM
  Yeah but FV seems to be compound interest not simple ** -- Hokies1215 06/30/2017 08:54AM
  Yes, but if you're getting interest on the interest, then isn't -- Late 80s Hokie 06/30/2017 09:09AM
  Simple interest is only interest on the principal... -- Hokies1215 06/30/2017 09:13AM

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