Compound interest php function

April 01, 2010

Something that will crop up at some point in your programming lifespan is a little bit of compound interest.

Well its very easy to work it out. The below example does so over a 7 day period at 1.8% interest per day.


function compound($amount,$time,$rate){
for($i=0;$i<$time;$i++){
$amount = $amount + round($amount*$rate);
}
return $amount;
}
$compound = compound(1000000,7,0.018);
echo number_format($compound);


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Hello! I'm David Heward, how are you going? I'm a Senior Devops/Build Engineer, specialising in AWS & Cloud Automation. Based in London. Strong 10+ year background in Software development. Have a read of my blog. Have a look at some of my working projects. Contact me at @davehewy or on Linkedin.