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Math Help - Interest

  1. #1
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    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.
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  2. #2
    is up to his old tricks again! Jhevon's Avatar
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    Quote Originally Posted by lucas View Post
    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?
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  3. #3
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    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?
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  4. #4
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    Quote Originally Posted by lucas View Post
    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
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  5. #5
    is up to his old tricks again! Jhevon's Avatar
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    Quote Originally Posted by lucas View Post
    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
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  6. #6
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    Quote Originally Posted by Jhevon View Post
    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%.
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  7. #7
    is up to his old tricks again! Jhevon's Avatar
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    Quote Originally Posted by AfterShock View Post
    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
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  8. #8
    Bar0n janvdl's Avatar
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    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
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  9. #9
    Bar0n janvdl's Avatar
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    Hmm, y do the numbers seem a lil too big? Although i must admit 20% interest isnt bad at all.
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