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FAQ

How do I calculate how much interest will be paid on a CD?

The formula to calculate interest paid on a CD is as follows:

Interest = [ ( Rate / 365 + 1 ) ^ Term – 1 ] x Deposit

For example, if you entered the values located below into this equation, the interest paid at the end of the term would be $115.66:

Rate = 1.98%
Term = 730 days (2 years)
Deposit = $10,000
Interest = [ ( 0.0198 / 365 + 1 ) ^ 730 – 1 ] * 10,000
Interest = $115.66

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