Ask Experts Questions for FREE Help !
Ask
    svimom's Avatar
    svimom Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 25, 2009, 10:39 AM
    How do I figure 18 yrs of interest on a certificate od deposite
    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's Avatar
    stevetcg Posts: 3,693, Reputation: 353
    Ultra Member
    		  
    #2

    Aug 25, 2009, 10:56 AM

    Try this out...

    Compound Interest Calculator
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #3

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Fashion figure n normal figure [ 2 Answers ]

What is the difference between a fashion figure and a normal figure.

Certificate of Deposit - Ownership - Mother & Son on Certificate [ 1 Answers ]

Hi my Mother-in-Law took our a CD about 15yrs ago and has her name and my husbands, her sons name on it. She's become ill and she has been placed in Hospice Care. My Brother in law is going to get a power of attorney to take care of her affairs. He does not know about this CD yet. Once he finds...

How does a financial manager choose between stated interest and an effective interest [ 2 Answers ]

When a borrower is often confronted as a stated interest and an effective interest rate what is the difference and which one should the financial manager recognize as the true cost of borrowing? The effective interest rate is always calculated as if compounded annually. The effective rate is...

Pay it Down -- if the interest on the debt is LOWER than the interest on Savings [ 3 Answers ]

I have student loans in the amount of $20000. Through consolidation and never missing a payment I have the interest loan at 2.50% (simple interest). Montly payment is approx $100. I am getting an APY no a Savings account at 4.75%. I have savings around $5K and growing. I need cash for other...

View more questions Search