How Do I Calculate a 9-Month Certificate of Deposit? Divide the rate of the nine-month certificate of deposit by the number of times per year the account is compounded. Multiply the result from the previous step by the number of years you'll hold onto the CD. ... Take the results to the nth power, where "n" is the number of times the account compounds in a year. More items...
You need four values: Initial deposit: the amount of money you plan to deposit Months: the length of time, or term, of the CD Interest rate: the annual percentage yield ( APY) you’ll be paid Compounding frequency: how often the CD interest compounds
What exactly is a certificate of deposit? A certificate of deposit, commonly called a CD, is a special savings account you can open at most banks and credit unions. But unlike a regular savings account, CDs require you to lock your funds away for a specific period of time until a maturity date. In return, you’ll get a higher interest rate.
You can use Groww’s CAGR calculator online without any charges. Follow these simple steps. Enter your initial investment amount. Enter the expected value of the investment after a certain period of time. Enter the number of years or months for which you wish to use the CAGR calculator.
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