ChatterBank8 mins ago
HSBC offer
1 Answers
HSBC offer 10% on a saver account advising that if one invests �250 per month at the end of 1 year the saver will receive �130, how is this calculated?
k
k
Answers
Only 1 answer
Best Answer
No best answer has yet been selected by kennyrogers2. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
A prety good calculation:
You get 12 months' interest on the first payment of �250. That's �25
You get 11 months' interest on the second month's instalment of �250. That's about �22. .
.
etc
.
You get 1 month's interest on on the last instalment. That's about �2.
Do the sums.
Works out at about �130
If you are expecting �300 that would only be right if you deposited the full annual amount of �3000 on the first day of the year and left it there for 12 months
You get 12 months' interest on the first payment of �250. That's �25
You get 11 months' interest on the second month's instalment of �250. That's about �22. .
.
etc
.
You get 1 month's interest on on the last instalment. That's about �2.
Do the sums.
Works out at about �130
If you are expecting �300 that would only be right if you deposited the full annual amount of �3000 on the first day of the year and left it there for 12 months
Only 1 answer
