How would that be calculated if you factor in rents? Someone with an advanced calculator wanna take 5 minutes to do that?

This post was edited by Taurean on Sep 16 2018 11:20pm

Gl

This post was edited by Bogs on Sep 16 2018 11:25pm

What do you mean "factor in rents"?

You would get some kind of rent for it in the bank, wouldn't you? Over 50 years, that would make a difference, wouldn't it?

That's called interest.

And at the current rates, not really. But if it was a higher rate it could be significant

Need more information bud, but so far it's 10 (number of dollars) x 52 (Number of weeks in year) x 50 (number of years)
26000, give an interest and just add a variable.

This post was edited by Cocoo on Sep 17 2018 09:16am

Oh right. Thanks.



The problem is, when you get interest, you get interest on that sum of money again next time. So it is a cumulative calculation that I don't know how to do. I don't know how often you get interest either. Once a week, month, quarter or year.

Then there's inflation and probably other factors I don't think of.

I assume tax is not relevant with such small sums.

This post was edited by Taurean on Sep 17 2018 10:07am

The compounded interest on such a small amount won't add up to much. Assuming the current high average interest and starting with $10 you would have $26,654.42. $574.42 would be the interest earned. Even if you try and count in inflation, which would be sort of pointless to try and calculate, the difference would be insignificant with this low amount of interest gained. Just assume ballpark of 26k.

You are far better off investing in a 401k or a ROTH IRA. Don't count on a bank savings account to net you money like you expect.

Also, not sure if it's like that everywhere, but interest is generally added monthly for my accounts.

This post was edited by sbc'soneandonly on Sep 17 2018 10:56am

Assuming per month, then let's assume $40 a month with constant interest i (that is, 0.05% interest is i=0.0005). No matter what, you'll be putting 40*12*50=12*2000=24000 on your account.
Assuming you have $40 on month 1, the interest will carry on from month 2 to month 12*50=600, so you get 40*i 599 times (every month except month 1).
Since you put an additional $40 on month 2, you reap the interests associated with them at month 3 until month 600, i.e. 598 times, etc.
At month 599, you reap interests only the 600th month for the additional $40, i.e. one time. The total gain from the interests is then (1+2+3+...+599)*40*i = 1/2*(1+599)*599*40*i = 300*40*599*i =12000*599*i = (7 200 000 - 12 000)*i = 7 188 000 * i

so assuming no mistakes were made, then you'll have in the end, 24 000 + 7 188 000 * i

however this is probably false in practice...

Quote (Funion @ Sep 14 2016 05:36pm)
There is a difference in the hesitation to buy something and the intelligence to not buy something that is definitely not needed.

Let's turn this in to a math problem.

Jaime has $5000.00 in his pocket. A decent branded and reasonably reviewed waffle iron at Walmart costs $31.00 with a combined sales tax, in New York Jaime pays for NYC Sales Tax and NY State Sales and Use Tax, is 8.875%. With $5000.00 how many waffle irons can Jaime buy?

$31.00*1.08875 = $33.75

$5000.00/$33.75 = 148.15 waffle irons

Since a waffle iron is a whole item Jaime can only buy 148 waffle irons.

Now, what would Jaime do with 148 waffle irons? Make 148 waffles simultaneously? Then you have to account for the cost of all that batter.

Jaime is not hesitant to buy, Jaime thinks his purchases through. Also, Jaime prefers pancakes.


Quote (Tuna_BeIIy @ Sep 14 2016 06:24pm)
Jaime needs to stfu and get back in the kitchen


Quote (Funion @ Sep 15 2016 04:07pm)
I'm gonna tea bag you so hard they are gonna start calling you Lipton.