Bank Formula for CD that is compounded daily for five years

[TC]

Does any one how to make a formula in Excel 2002 for a CD
rate of 3.6@ that goes for 5 years and the interest is
compounded daily. What would be the total at the end of
the five years. The other part of this if the intersst
were sent to the bank at the end of each month. how much
would it be per month. I have the formula set all but the
compounded daily part.
Thanks for any help.
TC

 

[Myrna Larson]

The daily rate is computed this way.
=(1.036)^(1/365)-1

I used this formula to get the value after 5 years, assuming 365 days per
year, for a $1000 CD.

=FV(0.036/365,365*5,0,-1000)

If you receive the interest at the end of each month, then it isn't reinvested
and isn't compounding, is it? With the 1st formula above in A1, for a $1000
CD, I calculate about $2.91 in interest after 30 days.

=1000*((1+A1)^30-1)

 

[Tom Corbett]

I will word on it tomorrow. thank you so much for your help.

 

[Tom Corbett]

I'm working on something for my father-in-law and my self and wife. My
father-in-lsw wants the month every month but if we did it no it would
stay put.
So no and yes to your question.
So so much for all your help.