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it depends on wheather the interest is simple or compound
also you should tell me how much money you put in the bank to begin with
but lets calculate the interest on one dollar :
if it is simple interest then:
I=P*R*T where T is in years
=1*18/100*1/360
interest on one dollar principal is 0.0005 $
if it is compound interest then:
I= P*(R+1)^T-p
=0.00046 which is about the same as the simple interest one
multiply my answer by the amount that you put into the bank origonally to find out ur interest
hope i helped
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Calculate the daily interest rate on an annual rate of 17.7 percent?
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How much would 500 invested at 5 percent interest compounded continuously be worth after 8 years?
"Compounded continuously" is a meaningless phrase ... we hope your bank or broker didn't quote it to you that way. In order to calculate a future value, you absolutely have to know how often the compounding takes place ... annually, daily, hourly, etc. ? The best compounding you're going to see is 'daily', so let's do it that way. If the actual compounding is any less frequent than 'daily', the actual value will be less than what we're about to calculate: 5 percent annual interest rate = (5/365) = 0.0136986 percent daily (rounded). (1.000136986)(365 x 8) = 1.4917838 (rounded) That's the value of $1 invested at 5% compounded daily for 8 years. Your $500 would become ($500 x 1.4917838) = $745.89
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