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Use the compound interest formula to calculate interest on your savings

account. Calculate the bank interest earned on your savings account on a single
deposit after a term of 1 year. The compound interest formula will help you
determine the interest earned on your savings account with a single deposit and
when the interest is compounded daily, monthly or quarterly.

Determine the variables used in the standard compound interest formula to

calculate the interest earned on your savings account. Review the terms of
your personal savings account or contact a representative from your bank to
determine the following variables: principal (P), the rate of interest (r), the
number of years (t), and the number of times the interest is compounded (n).
The interest earned (A) represents the solution to the equation, and the value
of (n) should be 365 for interest compounded daily, 12 for monthly and 4 for
quarterly.

Use the standard formula for calculating compound interest. Once you have
determined the amounts of each variable, insert them into the compound
interest formula to determine the interest earned over the specified time
scale. The formula for calculating compound interest on a single deposit is: A
= P(1 + r/n)^(nt).

Determine the amounts of each variable for use in the accumulated savings
formula. Review the terms of your personal savings account and your deposit
record, or contact an a representative from your bank to determine the
following variables: the amount of regular deposits (P), the rate of interest (r),
the number of years (t), and the number of times the interest is compounded
(n). The interest earned (A) represents the solution to the equation, and the
value of (n) should be 365 for interest compounded daily, 12 for monthly and
4 for quarterly

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Use the accumulated savings formula to determine interest. Calculate
the interest earned on your savings account with recurring monthly deposits
and interest compounded daily, monthly or quarterly.
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Use the accumulated savings formula to calculate the interest earned

when recurring deposits are made. Once you have determined the
variables, plug them into the accumulated savings formula A = P (1 +
r/n)nt/ (r/n) -1. You now have determined the approximate interest
earned on your savings account.

Use a spreadsheet to calculate the interest earned on your savings

account on a single deposit after a term of 1 year. You may prefer to
use a spreadsheet to determine the interest earned when the interest is
compounded periodically.
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Enter the interest rate into cell A1, and the rate at which the interest is
compounded into cell B1.

Enter a formula into cell C1, or any adjacent cell. The formula for
calculating compound interest is "=POWER((1+(A1/B1)),B1)-1." The
annual interest earned will appear in the cell in which the formula was
entered.