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Psumi
April 3rd, 2010, 11:03 PM
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
April 3rd, 2010, 11:31 PM
\$ = 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
April 3rd, 2010, 11:37 PM
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
April 4th, 2010, 01:49 AM
1/4 percent is 0.0025. You won't get rich with that interest rate.

Psumi
April 4th, 2010, 03:05 AM
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
April 4th, 2010, 04:11 AM
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
April 4th, 2010, 04:32 AM
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
April 4th, 2010, 07:54 AM
My mistake, it's 2 USD a month after I reach 1000.

Megaptera
April 4th, 2010, 08:00 AM
Hi,
Are these on-line calculators any help?

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

Psumi
April 4th, 2010, 08:05 AM
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