complicated savings calculator

[qwer]

Hi,

I have a savings account in my bank for the period of 5 years. I was wandering if anyone knew a free tool with which I can calculate the amount of interest accumulated after those 5 years, but bear in mind a fact that payments to that account will be irregular, and in different amounts. That means that I will put random amounts of money on any given day (probably through the period of 5 years there will be around 10 payments), so some type of calendar is probably needed.

Typical online calculators which offer only one amount for daily, monthly, yearly and other regular recurring periods are just not working for me.

Thank you!

[greenskeeper]

take the average amount deposited (assumption) and apply it to the calculator. If it's in a money market account it's not going to be much! Thank you FED.

[qwer]

This will not work as the amounts already deposited and yet to be deposited are quite different.

It is a typical savings account with a fixed interest rate throughout those 5 years.

[qwer]

I know, but in my case I would like to avoid any contact with the bank until 5 year period expires - details are irrelevant.
Just seems odd that no such thing exists on the web, given how many things you can find today.

[Petunia 100]

I know, but in my case I would like to avoid any contact with the bank until 5 year period expires - details are irrelevant.
Just seems odd that no such thing exists on the web, given how many things you can find today.

Well, it's easy to calculate. The formula for calculating interest is:

i = prt

i stands for interest
p stands for principal
r stands for rate
t stands for time

Set up an excel spreadsheet and calculate for yourself. Remember that interest accrues daily and the rate should be expressed as a decimal.

[disneysteve]

I have a savings account in my bank for the period of 5 years. I was wandering if anyone knew a free tool with which I can calculate the amount of interest accumulated after those 5 years, but bear in mind a fact that payments to that account will be irregular, and in different amounts. That means that I will put random amounts of money on any given day (probably through the period of 5 years there will be around 10 payments), so some type of calendar is probably needed.

Are you talking about future growth as opposed to something that has already happened?

If so, you need to know what the rate will be the whole time, which is kind of impossible since rates may likely rise over the next 5 years.

Also, you'll need to know when and how much you're going to add to the account.

[asoloans]

I might be needing this too through

[asoloans]

I have stumbled across a very good cal site sometimes last year but didn't save any link,it really worked for me so I will paste the link when next I get to it...