Hey everyone! Have you ever wondered how much money you really earn with interest in the bank? Because the bank doesn't calculate how much your interest increases by the np you collect everyday the "yearly interest" turns out to be a bit low. Hopefully this handy compound interest math equation will answer that question!
All you have to do is simply add your current bank total to this equation. (x 1.00034250)365 Where 'x' is your current bank amount. 1.00034250 is the interest added per day to your current amount ("Ultimate Riches, percent). And '365' is this equation 365 times, one for each day of the year!
...I think. I may have MESSED THIS UP, and, if so, this handy website can crunch the numbers for you. just fill in the blanks! http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php (be sure to click 'standard calculator') ((to find your "annual interest rate" just divide your daily interest by your total bank amount. you should get a 0.000xxxx number. Just knock off two to make it a 0.0xxxx number and you're golden! Oh, also make sure to make the "calculation period" 365 years)
All in all it might not add up to much... but it's interesting how much you're really getting after a year!
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