Most financial institutions disclose the compound interest rates on deposits yearly, but
the compounding period is usually different - 1 month, 3 months, 6 months, 1 year, etc.
One should pay attention to the compounding period because the same Annual Interest Rate
could lead to a different effective annual interest rate if the compounding period
is not the same. Actually an offer with an Annual Interest Rate 7% and compounding period
of 6 months means effective annual interest rate 7.1225% and it is worse then an
Annual Interest Rate 6.95% and compounding period 1 month where the
effective annual interest rate is 7.1757%.

**Compound Interest Calculator Examples:**
To calculate the total interest for a period of 2 years when the Annual Interest Rate is 7%
and the Compounding Period is 1 month one should enter "Interest Rate 7% per 12 periods" and
the "Number of Compounding Periods" should be set to the number of months which is 24.
To calculate the total interest for a period of 9 months, when the Annual Interest Rate is 7%
and the Compounding Period is 3 months one should enter "Interest Rate 7% per 4 periods" and
the "Number of Compounding Periods" should be set to 3.
To calculate the total interest for a period of 6 months, when the Annual Interest Rate is 7%
and the Compounding Period is 6 months one should enter "Interest Rate 7% per 2 periods" and
the "Number of Compounding Periods" should be set to 1.