Comment on You'd need to calculate the compound interest

Gradually_Adjusting@lemmy.world ⁨8⁩ ⁨months⁩ ago

• finitebanjo@lemmy.world ⁨8⁩ ⁨months⁩ ago

  You can calculate it manually as Future Value = Present Value * ( 1 + Interest in integer form )^number of terms

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  So for example a $1 at 6% APR for 5,000,000 years would be

  F = $1 * ( 1 + 0.06 )^5,000,000

  F = $12,615,609 if I’m not too tired to think straight rn

  I think technically that does outperform inflation so you will have slightly more purchasing power than $1 today.

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  • Gradually_Adjusting@lemmy.world ⁨8⁩ ⁨months⁩ ago

    I knew someone would pull out their textbook and do the math if I played dumb. Weaponized incompetence wins again!

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    • Dozzi92@lemmy.world ⁨8⁩ ⁨months⁩ ago

      Are you my wife?!

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• Zwiebel@feddit.org ⁨8⁩ ⁨months⁩ ago

  The interest is zero

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  • Buddahriffic@lemmy.world ⁨8⁩ ⁨months⁩ ago

    Oh but the fees are non-zero!

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  • Gradually_Adjusting@lemmy.world ⁨8⁩ ⁨months⁩ ago

    That can’t be right, no bank could be so evil

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  • Bonsoir@lemmy.ca ⁨8⁩ ⁨months⁩ ago

    If there is enough deflation, that dollar could actually be worth billions in today’s dollars!

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    • bobs_monkey@lemmy.zip ⁨8⁩ ⁨months⁩ ago

      I want to get off Mr Bones Wild Ride

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• Chivera@lemmy.world ⁨8⁩ ⁨months⁩ ago

  Sucks

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