When it comes to saving money, a certificate of deposit (CD) can be a great option. Miami residents who want to calculate the interest on their CD can use a few simple steps.

The first step is to determine the account balance. This is the amount of money that is currently in the CD account. Next, determine the interest rate. This is the percentage of the account balance that will be earned in interest each year. Finally, multiply the account balance by the interest rate to calculate the annual interest earned.

For example, if an individual has a CD account …