Question Details

David, Other/Just Looking in Colorado

I have 293801 on deposit from various areas. My total interest earned was 1119.93 for a 30 day

Asked by David, Colorado Sun Dec 30, 2007

period.
What is the rate of interest for that period and can I figure out the compound interest rate for a year?

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Answers

1
I am no mathemetician and your investment counselor or bank will be the best source for this information but, here is an uneducated stab at your problem:
Your rate of return for this period would be + - 4.64% If you leave your current balance of $294920.93 alone for the next 12 months assuming the same rate of return and compunding monthly, your ending balance would be + - $308,900.07

Your balance will grow like this:

Year Balance
Now P
1 P + rP
2 (P + rP) + r(P + rP)
(r=rate of retun as a decimal and P=your current balance)
0 votes Thank Flag Link Sun Dec 30, 2007
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