I get a penny each month in my Savings account...

[Psumi]

Why do you ask? Because of this strange portion of my statement that reads...

"Dividend Through date: DDMMMYYYY"

I wonder, will they give me more as my amount in my savings goes higher?

[Hwæt]

$ = Final Amount
$i = Original amount
r = Interest rate as a decimal (5% = 0.05, 10% = 0.1)
n = number of times compounded (monthly = 12 times, annually = 2, yearly = 1)
t = number of years

$ = $i(1 + (r/n))^nt



Example:

I want to know how much money I will have in a savings account after 5 years with a 5.2% interest rate compounded monthly with my original deposit of $500.

$ = 500(1 + (0.052/12))^(12*5)

Plug your info in, get a graphing calculator, and go nuts. ;)

[Psumi]

I have two rates:

APY (Annual Percentage Yield) and Dividend Rate, both being 0.25%...

So that would be 0.0025 I have to use for the percentage?

[tgalati4]

1/4 percent is 0.0025. You won't get rich with that interest rate.

[Psumi]

1/4 percent is 0.0025. You won't get rich with that interest rate.

I need to know regardless, I can't have more than 2000 USD in my account (checking nor savings.)

I plan to save 10 USD each month until I hit 1000 so I need to know when it'll hit 2000 so I can prepare myself (if needed) to take out some money.

[chris200x9]

I need to know regardless, I can't have more than 2000 USD in my account (checking nor savings.)

I plan to save 10 USD each month until I hit 1000 so I need to know when it'll hit 2000 so I can prepare myself (if needed) to take out some money.

lol years and years seriously you'll probably die before it reaches 2000 from 1000.

[Psumi]

lol years and years seriously you'll probably die before it reaches 2000 from 1000.

12 USD a month with 1/4 percent interest on 1000 USD.

[Psumi]

My mistake, it's 2 USD a month after I reach 1000.

[Megaptera]

Hi,
Are these on-line calculators any help?

http://www.usatoday.com/money/perfi/calculators/calculator.htm

[Psumi]

Hi,
Are these on-line calculators any help?

http://www.usatoday.com/money/perfi/calculators/calculator.htm

lol, those help.

Your monthly deposit of $10.00* for 8 years with an interest rate of .25% compounded Monthly
with an initial starting balance of $40.00


Year Balance
1 $160.24
2 $280.78
3 $401.62
4 $522.76
5 $644.21
6 $765.96
7 $888.01
8 $1,010.37

8 years isn't bad D:

[Megaptera]

Glad they were useful.