calculate compound interest!

calculate compound interest

Comprehensive Analysis

1) "Calculate" -- As to calculate compound interest cal·cu·late Pronunciation: 'kal-ky&-"lAt Function: verb Inflected Form(s): -lat·ed; -lat·ing Etymology: Latin calculatus, past participle of calculare, from calculus pebble (used in reckoning), perhaps irregular diminutive of calc-, calx lime -- more at CHALK transitive verb 1 a : to determine by mathematical processes <calculate the rate of acceleration> b : to reckon by exercise of practical judgment : ESTIMATE <calculate the likelihood of success> c : to solve or probe the meaning of : FIGURE OUT <trying to calculate his expression -- Hugh MacLennan> 2 : to design or adapt for a purpose <he carefully calculated the timing of his arrival for maximum impact> 3 a : to judge to be true or probable b : INTEND <I calculate to do it or perish in the attempt -- Mark Twain> intransitive verb 1 a : to make a calculation b : to forecast consequences 2 : COUNT, RELY Pronunciation Symbols A calculation is a deliberate process for transforming one or more inputs into one or more results. The term is used in a variety of senses, from the very definite arithmetical calculation using an algorithm to the vague heuristics of calculating a strategy in a competition or calculating the chance of a successful relationship between two people. Multiplying 7 by 8 is a simple algorithmic calculation. Estimating the fair price for financial instruments using the Black-Scholes model is a complex algorithmic calculation. Statistical estimations of the likely election results from opinion polls also involve algorithmic calculations, but give results that are ranges of possibilities rather than exact answers. Deciding the best way to build a relationship with a member of the opposite sex may also result from a calculation, but is not definite, predictable, nor even clearly defined. This indefinite application of the term gives it a second area of meaning apart from the mathematical senses mentioned above. To calculate means to ascertain by computing. The English word derives from Latin. Calculus, in its origins, a small stone in the gall-bladder from Latin calx. It also meant a pebble used for calculating, or a small stone used as a counter in an abacus (Latin abacus, Greek abax). The abacus was an instrument used by Greeks and Romans for arithmetic calculations and consisted of perforated pebbles sliding on iron bars, preceding the slide-rule and the electronic calculator. Philologically connected to pebble, (Anglo-Saxon papolstán, literally — pebble stone). Russian uses root chislo, that is, number, quantity, in its various verbal and nominal forms. Abacus Calculator Calculability Calculus (disambiguation) Computation List of algorithms List of thinking-related topics Mathematics Mental calculation ..." 2) "Compound" -- As to calculate compound interest 1com·pound Pronunciation: käm-'paund, k&m-', 'käm-" Function: verb Etymology: Middle English compounen, from Anglo-French *cumpundre, from Latin componere, from com- + ponere to put -- more at POSITION transitive verb 1 : to put together (parts) so as to form a whole : COMBINE <compound ingredients> 2 : to form by combining parts <compound a medicine> 3 a : to settle amicably : adjust by agreement b : to agree for a consideration not to prosecute (an offense) <compound a felony> 4 a : to pay (interest) on both the accrued interest and the principal b : to add to : AUGMENT <we compounded our error in later policy -- Robert Lekachman> intransitive verb 1 : to become joined in a compound 2 : to come to terms of agreement - com·pound·able /-'paun-d&-b&l, -"paun-/ adjective - com·pound·er noun Pronunciation Symbols Compound may refer to: Compound interest, unpaid interest that is added to the principle so that subsequent interest is calculated on the grossed-up amount. Compound (fortification), an area of land that is surrounded by fences, walls, or barbed wire and is used for a particular purpose Chemical compound, a combination of two or more elements. Compound (linguistics), a word that consists of more than one radical element Compound (music), an attribute of an interval or time signature Compound chocolate, a chocolate substitute Compound locomotive, a locomotive in which exhaust steam is re-used in a low pressure cylinder (or cylinders). Compound sentence, a type of sentence made up of two or more independent clauses and no subordinate (dependent) clauses. ..." 3) "Interest" -- As to calculate compound interest 1in·ter·est Pronunciation: 'in-t(&-)r&st; 'in-t&-"rest, -"trest; 'in-t&rst Function: noun Etymology: Middle English, probably alteration of earlier interesse, from Anglo-French & Medieval Latin; Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- + esse to be -- more at IS 1 a (1) : right, title, or legal share in something (2) : participation in advantage and responsibility b : BUSINESS, COMPANY 2 a : a charge for borrowed money generally a percentage of the amount borrowed b : the profit in goods or money that is made on invested capital c : an excess above what is due or expected <returned the insults with interest> 3 : ADVANTAGE, BENEFIT; also : SELF-INTEREST 4 : SPECIAL INTEREST 5 a : a feeling that accompanies or causes special attention to an object or class of objects : CONCERN b : something that arouses such attention c : a quality in a thing arousing interest Pronunciation Symbols Interest is the "rent" paid to borrow money. The lender receives a compensation for foregoing other uses of their funds, including (for example) deferring their own consumption. The original amount lent is called the "principal," and the percentage of the principal which is paid/payable over a period of time is the "interest rate." 1 Types of interest 1.1 Simple interest 1.2 Compound interest 1.3 Real interest 1.4 Cumulative interest or return 1.5 Other conventions and uses 2 Market interest rates 3 Interest rates in macroeconomics 3.1 Output and unemployment 3.2 Open Market Operations in the United States 3.3 Money and inflation 4 History 5 See also 6 External links Simple interest: simple interest does not take compounding into account, and is determined by multiplying the principal by the interest rate (per period) by the number of time periods. To calculate: Add up all the interest paid/payable in a period. Divide that by the principal at the beginning of the period. E.g. on $100 (principal): credit card debt where $1/day is charged. 1/100 = 1%/day. corporate bond where $3 is due after six months, and another $3 is due at year end. (3+3)/100 = 6%/year. certificate of deposit (GIC) where $6 is paid at year end. 6/100 = 6%/year. There are three problems with simple interest. The time periods used for measurement can be different, making comparisons wrong. You cannot say the 1%/day credit card interest is 'equal' to a 365%/year GIC. The time value of money means that $3 paid every six months hurts more than $6 paid only at year end. So you cannot 'equate' the 6% bond ..." 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