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How to write a formula using Apple Spreadsheet Numbers where the initial savings account deposit is $30,000.00 with a subsequent monthly deposit of $1,000.00, an interest rate of 3.90% compounded daily.
MacBook Pro 16″, macOS 15.2
What are you trying to calculate? Over what period of time?
If you haven't already done, so I recommend you have a look at the 'Retirement Savings' and 'Personal Savings' templates at File > New in the menu.
SG
Thank you for your response. I want to know my total savings where I have initially deposited $30,000.00 and then deposit $1000.00 per month with a daily compound interest rate of 3.90% for one year. (So I would have at least $42,000.00 plus the compounding interest. It's the compounding interest amount I don't know how to figure with the scenario I have presented. Thank you in advance for your assistance and cooperation. I truly appreciate it.
So you make a $30,000 deposit on day 1. And your total period is, say, 365 days. When will you be making the monthly deposits? That makes a differences. At the beginning of each month, in which case the first deposit will by $31,000? In the middle of the month? Or at the end of each month in which case your last $1,000 deposit will be on the last day of the yearly period and therefore will not have earned interest?
SG
Have a look at the financial function list for the ACCRINT function and the RATE function, as a starting point.
There are some templates available here, as well: https://iworkcommunity.com/numbers/
The time period is savings for one year
Thank you for your response. The $1,000.00 will be deposited at the end of each month.
How to write a formula using Apple Spreadsheet Number related to savings compound interest
