I want to open a Time Deposit Account, the bank gave me a interest of 3.65% for a three months time deposit. Can you help me compute how much my $2,000 will earn in cash, if you can give the formula it will be much helpfull so I could compare with 3,6,12 months plan|||Bank deposits compound daily using Actual/360 accrual. The formula is:
F = P * (1+R/360)^N
where:
F = Future Value
P = present Value
R = annual rate
N = actual number of days.
In your case, the interest paid will depend on how many days are in the three months in question:
90 days: $18.33
91 days $18.54
92 days $18.74|||interest = principal x rate x term|||that is an awful rate %26amp; should not do it.|||A deposit account of $2,000 at 3.65% (simple interest) per year for three months earns $2,000 x 0.0365 / 12 x 3 = $18.25 in interest. If the bank compounds, which they may or may not do, your interest will be slightly higher.
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