/sci/ - Science & Math » Thread #2983792

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Anonymous Tue 03 May 2011 02:51:00 No.2983792 View View Reply Original Report

Quoted By:

What is my savings interest rate based on the following information?

April 1 Balance: 2,600.08
April 30 Interest Payment: 0.09
May 1 Balance: 2600.17

Interest payments are made monthly.

Bonus for a formula of some sort

EK !EKFQOBUFnQ

EK !EKFQOBUFnQ Tue 03 May 2011 02:58:00 No.2983829 Report

Quoted By: >>2983831 >>2983836 >>2983854

2600.17/2,600.08 = 1.0000346.
interest was 0.00346%
ANSX 12 = 0.0415% yearly.

Anonymous

Anonymous Tue 03 May 2011 02:59:00 No.2983831 Report

Quoted By:

DO YOUR OWN HOMEWORK YOU STUPID CUNT.
>>2983829
Get raped.

Anonymous

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Anonymous Tue 03 May 2011 03:00:00 No.2983836 Report

Quoted By: >>2983852

>>2983829
HI EK!

<3

Anonymous

Anonymous Tue 03 May 2011 03:01:00 No.2983839 Report

Quoted By: >>2983852

Not homework

Just a guy wondering why I even bother having $2600 sitting in a bank

EK !EKFQOBUFnQ

EK !EKFQOBUFnQ Tue 03 May 2011 03:04:00 No.2983852 Report

Quoted By:

>>2983839
that interest is shit. switch banks.

also, better to have money and not need it, than need it and not have it.

>>2983836
hi.

Anonymous

Anonymous Tue 03 May 2011 03:04:00 No.2983854 Report

Quoted By: >>2983869

>>2983829
Is this some approximation method? Dividing the two amounts doesn't seem accurate

EK !EKFQOBUFnQ

EK !EKFQOBUFnQ Tue 03 May 2011 03:07:00 No.2983869 Report

Quoted By:

>>2983854

yeh thats how it works. if i have $100 and i get $1 interest. that is 1% interest.
101/100 = 1.01
(1.01-1)X100 = 1% = interest.
thats how its calculated.
(but you said per month, so i multiplied by 12 as the next step)

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