Hi All

I am new to this forum, so I hope you would not mind the links in this message as I needed to list them to explain my query.

I design, develop and host online graphing, scientific, statistical and financial calculators at http://www.thinkanddone.com

That said, I was working on design of a Savings Account calculator that I need help with formulas. Doing a search on web, I found Professor Grant Lythe's (Uni of Leeds) notes

Example

Let us consider the example of a savings account that pays 6% interest compounded monthly. Suppose a saver deposits $1000 on the first day of every month. What is the account

balance at the end of 2 years

I found the following formula to compute the balance at end of n period

r is the interest rate

p = 1 + (1/12)(r/100)

A = 1000 p ( (p^n)-1 )/(p-1)

A = 25559.12

I compared my results to an online calculator at Savings Calculator - Financial Calculators from Dinkytown.net

So far so good.

But like the calculator, I am trying to compute balance by changing either the compounding period to daily, quarterly and yearly

or the deposit interval to weeky, biweekly, per quarter and per year

How can I change the formula I mentioned at top for these option

I will post a different question about continuous compounding of interest as the calculators I used on Aussie bank sites show different

answer to the result above so I assume they use continuous compounding of interest . ( Finance calculators - financial comparisons and information from Infochoice )