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Email this10:21 am
March 3, 2022
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Hello,
For $10k @ 3.80% for 15 months, EQ's GIC calc shows the return to be $479.42 interest earned.
What formula is used to calculate that?
Thank you very much!
10:37 am
September 30, 2017
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Show your math first?
10:37 am
February 20, 2022
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iotama said
Hello,For $10k @ 3.80% for 15 months, EQ's GIC calc shows the return to be $479.42 interest earned.
What formula is used to calculate that?
Thank you very much!
10000 x3.8% for 1 year = 380.00 = 10380 at one year
compounded annually, 10380.00 x 3.8% for 92 days more =99.42
380.00 + 99.42 = 479.42
10:42 am
February 7, 2019
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iotama said
Hello,For $10k @ 3.80% for 15 months, EQ's GIC calc shows the return to be $479.42 interest earned.
What formula is used to calculate that?
Thank you very much!
1 yr @ 3.8% on $10,000 gains $380 (3.8/100 * 10,000).
Then 1/4 yr @ 3.8% on $10,380 (10,000 + 380) gains $98.61 (3.8/100/4 * 10, 380).
After 15 months or 1.25 yr you have $10,478.61 (10380 + 98.61).
As Oaken say, interest calcs are estimates ... 🙂
| CGO |
10:44 am
February 7, 2019
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FastJonny said
10000 x3.8% for 1 year = 380.00 = 10380 at one year
compounded annually, 10380.00 x 3.8% for 92 days more =99.42
380.00 + 99.42 = 479.42
Even gooder ... 🙂
A little less if the 1/4 year includes February ...
| CGO |
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