CompoundInterestTotal ( Principal ; Rate ; CompoundFreq ; Years )
calculates the total amount of money accumulated, including interest, over a period of time(years), when interest is compounded periodically.
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Patrick Mathers - Show more from this author
Records Doctor https://recordsdoctor.com |
Function definition: (Copy & paste into FileMaker's Edit Custom Function window)
This custom function is based on the following equation for calculating compound interest:
A = P(1+r/n)^nt
Where:
A = the future value of the investment
P = the principal balance
r = the annual interest rate (decimal)
n = number of times interest is compounded per year
t = the time in years
^ = ... to the power of ...
I have changed the names of the function parameters to make it easier interpret when using.
This formula takes the principal amount, multiplies it by the growth factor (1 + r/n), raised to the power of the number of times interest is compounded per year multiplied by the number of years the money is invested for.
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