17. Compound Interest. Old Time Savings Bank pays 4 percent interest on its savings accounts. If you deposit $1,000 in the bank and leave it there, how much interest will you earn in the first year? The second year? The tenth year?© BrainMass Inc. brainmass.com June 3, 2020, 6:49 pm ad1c9bdddf
Please see the attached Excel file. Your whole question is explained there. The basic issue with compound interest is that we keep adding the interest ...
Compounding is illustrated in Excel.