So I’m just starting an emergency fund in an ally savings account. Starting at $1000 with $50 added every two weeks. The apy is 1.35% and it has daily compounding interest. I have a few questions.
What is compounding interest?
If I just left $1000 in there without touching it, what would the total be with and without compounding interest?
How would I calculate it it if I were to add different amounts to it? For instance, if I did $50 one paycheck, $60 more in two weeks, and maybe a little $200 bonus another day?
Complete answers would be appreciated. Thank you guys!
Submitted February 07, 2018 at 09:33AM by LotsOfStickyNotes http://ift.tt/2C2xKnB
