Math Help - Interest

1. Interest

my problem is
I'm getting a savings account and if i put $1000.00 right now and the interst rate is of .20% in 50 years and 120 years how much money will i have in my account. 2. Originally Posted by lucas my problem is I'm getting a savings account and if i put$1000.00 right now and the interst rate is of .20% in 50 years and 120 years how much money will i have in my account.
i don't get where you said "in 50 years and 120 years", please clarify. also, clarify what type of interest we are dealing with, is it simple interest, compound interest etc?

3. It's a simple interest
My problem is
I want to buy a car that cost $104,900 and I'm putting$1000,00 in savings account that has a rate of .20%
my question is
in 50 years how much money will I have in the account?
in 120 years how much money will I have in the account?

4. Originally Posted by lucas
my problem is
I'm getting a savings account and if i put $1000.00 right now and the interst rate is of .20% in 50 years and 120 years how much money will i have in my account. What is the problem? 1000(.002)(50) =100 1000(.002)(120)=240 5. Originally Posted by lucas It's a simple interest My problem is I want to buy a car that cost$104,900
and I'm putting \$1000,00 in savings account that has a rate of .20%
my question is
in 50 years how much money will I have in the account?
in 120 years how much money will I have in the account?
was 0.2% a typo?

if not

1000(0.2)(50)=10000
1000(0.2)(120)=24000

6. Originally Posted by Jhevon
was 0.2% a typo?

if not

1000(0.2)(50)=10000
1000(0.2)(120)=24000
Slight error: that's for 20%, not .2%.

7. Originally Posted by AfterShock
Slight error: that's for 20%, not .2%.
Ah, yes, forgive me, TPH's solution is correct. I should have taken the hint when my answer was different from his

maybe i'll get a thanks for trying

8. Shudnt it be calculated as follows?

A = P(1 + R)^t

A = 1000(1 + 20/100)^50
A = 9 100 438.15

A = 1000(1 + 20/100)^120
A = 3175 042 374 000

9. Hmm, y do the numbers seem a lil too big? Although i must admit 20% interest isnt bad at all.