svimom
Aug 25, 2009, 10:39 AM
I have a certificate of deposite that is 18 yrs old the interest is 5% how do I figure the amount of interest this cd has earned
stevetcg
Aug 25, 2009, 10:56 AM
Try this out...
Compound Interest Calculator (http://fintrend.com/ftf/calculators/Compound_Interest_Calculator.asp)
morgaine300
Aug 25, 2009, 04:13 PM
You have a CD that has had a fixed rate of 5% for 18 years? I have a hard time fathoming that.
If this was a real CD, you should have gotten statements each year from the bank stating the interest for tax purposes. And you can call them any time and ask what has accrued on it. Most places let you check your account online.
My suspicions are that it's homework.