>>Maybe. For example, if I invest $1000 at .08 percent, I get $1080.00
>>
>>Is this formula correct?
>>
>>

>>CLEAR
>>
>>LOCAL nAmount, nPercent, nTotalMonths, nEarning, nTotVal
>>
>>nAmount      = 1000
>>nPercent     = .08
>>nTotalMonths = 12
>>nEarning     = 0
>>nTotVal      = 0
>>
>>FOR nMonth = 1 TO nTotalMonths
>>
>>  nEarning = nAmount * nPercent
>>  nTotVal = nAmount + nEarning
>>
>>ENDFOR
>>
>>? nTotVal
>>

>>
>>Correct?
>>
>
>It depends on what is the "percent" you are talking about. There are simple interest, compound interest (which depends on the period when the base amount is recalculated), APY, etc...
>
>In your example you use the compound interest where the base amount is recalculated ones per month.

No he doesn't, because he's calculating nEarning from the original nAmount, not from nTotVal. And that's all the difference.