Which interest rate is better: 3% compounded daily, or 3.1% compunded annually? This calculator can tell you that 3% compounded daily is equivalent to only 3.045% compounded annually. So 3.1% compunded annually is the higher rate.

You may have a basic or scientific calculator, rather than a financial calculator, so here is the place to come when banking decision time rolls around. Or, you may only need some help with your homework.