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Homework Help: Interest Formula

  1. Nov 26, 2008 #1
    1. The problem statement, all variables and given/known data

    Using the following savings formula, where d is a uniform deposit, i= (interest rate)/(# times compounded per year), n is the total times compounded.

    As I understand it, this formula will tell me how much I will have after depositing a certain amount of money per compounding period given an interest rate and time.

    How can I take into account the situation where I start off by depositing a large sum like $5000, and then make uniform deposit during every compounding period?

    2. Relevant equations

    I am using the savings formula,


    3. The attempt at a solution
  2. jcsd
  3. Nov 26, 2008 #2


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    Science Advisor

    Use that formula one the first amount, the same formula, with the time one month less, on the amount deposited for the second month, the formula with the time two months less for the amount deposited on the third month, etc. and then add them all.
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