10:21 am

March 3, 2022

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

10:37 am

February 20, 2022

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

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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