Hey beans (sorry for the threadjack):
Is there a formula for computing simple (not compound) interest on a sum that increases by a regular amount every week? Say, start with $5000 and it increases $5000 every week. Now I’m 3 years down the road and I have a total, but I’m also entitled to 12% interest on the the amounts owed that have accumulated. Can I do this with a formula without having to do the math for each week? Make sense?
You trying to calculate how much you’ll have for retirement in X number of years?
Personally I just have a spreadsheet set up with my monthly contributions and an assumed growth rate. Then whenever I change my monthly contribution amount I can update the spreadsheet going forward and at any given time I can see how much I’ll have for retirement at any given age.
I’m sure there is a formula for it, I just don’t know what it is. [/quote]
Thanks. I’m working on prejudgment interest on a judgment dealing with back pay owed for regular intervals, i.e., money short on a paycheck every two weeks for a long time.
Oh my anus