Compare Savings Account Interest Rates
26 August 2011
Help with compound and simple interest project?
I’m working on a liberal arts math project, which essentially compares compound interest, simple interest, and CDs (using the rates of actual banks).
OCTFCU savings accounts earn an annual interest rate of .60%…I imputed the numbers in the simple interest formula and got a straight-forward answer. But how do I compute the compound interest?–Specifically, how do I find out the number (n) of times OCTFCU compounds the interest per year? Ah!
Any help is greatly appreciated!! Thanks! 
interest + deposit=deposit[1+(0.6/100)]^n
n no. of years.
highyieldinternetsavingsaccount
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