Sunday, 14 January 2007
Math question/ bank savings account interest rate? -
i am horrible at math can someone tell me is there a formula where i can see how much interest my money will earn monthly the more i put in monthly. The interest rate is 2.75. i want to know like what would be 100 dollars, 1000 dollars and so on.|::::|Well, that is less than inflation, so your money will LOSE buying power over time. If you have $100 in the bank you would earn about $2.75 in a year. The compounding each month might drive it up to about $2.85. With $1,000 in the bank you might make about $28 a year. In short, very little.
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