Savings Calculator
Forecast the future balance of your savings account with initial deposits, recurring additions (weekly, bi-weekly, monthly), and compounding APY.
Future Value of Savings with Contributions
FV = P(1 + r/n)^(nt) + PMT × [ ((1 + r/n)^(nt) − 1) / (r/n) ] | Total Interest = FV − Total Deposited- P (Principal): Starting initial deposit amount.
- PMT: Recurring periodic deposit made at each interval.
- r: Annual Percentage Yield (APY) expressed as a decimal.
- n: Frequency of deposits per year (weekly = 52, bi-weekly = 26, monthly = 12).
- t: Number of years savings are allowed to grow.
Step-by-Step Worked Example
Calculation Steps:
How to Use This Calculator
Assumptions & Limitations
- Assumes all deposits are made on schedule at the end of each period and no withdrawals occur during the term.
Frequently Asked Questions
What is the difference between APR and APY in savings accounts?
APR (Annual Percentage Rate) does not account for intra-year compounding. APY (Annual Percentage Yield) reflects the true annual return earned by including the compounding effect of interest added back to your balance.
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