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Compounded Monthly For One Year

$225.29
 

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Viva La Raza!
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Discussion Starter #4
Compounded Monthly For One Year

$225.29
going by the interest earned thats what it looks like it'll be at the end of the year. how did you come with that figure?

edit: i think i got it. the 2.23% is for the entire year so you multiply that percentange with the 10k and divide the total for 12 months correct?
 

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if it is the monthly interest rate, which I doubt you get more than 225$ in one year.

10000(1+0.0223)^12 = 13029.8

which bank is this?
 

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$10,000.00 2.23% 0.19% $18.58
$10,018.58 2.23% 0.19% $18.62
$10,037.20 2.23% 0.19% $18.65
$10,055.85 2.23% 0.19% $18.69
$10,074.54 2.23% 0.19% $18.72
$10,093.26 2.23% 0.19% $18.76
$10,112.02 2.23% 0.19% $18.79
$10,130.81 2.23% 0.19% $18.83
$10,149.64 2.23% 0.19% $18.86
$10,168.50 2.23% 0.19% $18.90
$10,187.40 2.23% 0.19% $18.93
$10,206.33 2.23% 0.19% $18.97
$10,225.29 $225.29
 

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wells fargo.

that sucks. it took me over a year to save that. maybe its better just enjoy life and work until i drop dead. i dont see how anyone can retire
Interest rates are too low currently. You might want to consider ETFs or mutual funds if you are saving for your retirement, but they are risky.
 
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