This calculator calculates the total accumulation in a savings account with a regular deposit arrangement.
Assumptions
- It does not take into account any possible monthly account fees.
- Interest rate does not change over the saving term.
- Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency.
- It is assumed that a year consists 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
- No rounding is done throughout calculation whereas account balance is rounded to at least the nearer cent in practice.
Produced by VisionAbacus