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  Forum » General » Deposits - 7% Really? Date
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wittyprakash said:
SuTaGar said:
wittyprakash said:
Even if I consider 13 weeks, I gain very less compared to it.

According to my calculation, I'm getting 7% only if I consider that it is for 27 weeks

Edited by wittyprakash 24-09-2013 08:39

That's because you didn't open that deposit on monday.


lol.. I know that 1 week = 7 days

A week: 7%/13 weeks: ~0,538%

Depending of the day and the hour you'll get that 0,538% (if you open on monday) or less. 		25/09/2013 17:55
  A - Div2/Gr4
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 Just tell me how much % do you get from deposits in 7 days 25/09/2013 17:58
  - Div/Gr
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 Examples:
monday-sunday: 0,538%

thursday-sunday: maybe 0,307% (I'm not sure because I think isn't proportional)

wednesday-wednesday:

0,384%wednesday-sunday,
monday-wednesday: nothing (you must keep the money until sunday and you'll get 0,538%)

---------
7%/13 weeks= 0,538%

0,538% x week days remaining/7 days
But I think days don't count, only hours
^
Sooo, maybe 0,538% x week hours remaining/ 168 hours

Edited by SuTaGar 25-09-2013 18:23 		25/09/2013 18:20
  A - Div2/Gr4
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wittyprakash said:
Just tell me how much % do you get from deposits in 7 days

Roughly interest rate divided by 13 times your deposit. 		25/09/2013 19:01
  - Div/Gr
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 Saw this post just now and thought I would revive it ... When I do the calculation, the interest rate is based on a 36 week year.

Is this what it is supposed to be? Seems like a long year considering the length of a season. The posts above say it's a 13 week year, but that does not seem to be the case. I'm primarily basing this on the quoted interest earned compared to the APR of 7%.

For example, if the year was based on 13 weeks, the interest earned on 1,000,000 in a single week would be 8,376. If the year is based on 36 weeks, the interest earned on 1,000,000 in a single week would be 5,370, which is what it appears to be. That's a 56% difference, for those of you scoring at home. We're not talking about peanuts, here.

Compound that over the course of a 13 week season, the lower payment would earn 108,155, while the higher payment would earn 168,698. At 1,000,000, its not a big deal, but I can't believe that anyone has as little as 1,000,000 in deposits. 		17/02/2014 02:15
  - Div/Gr
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 Interest doesn't compound because it is paid out weekly. By my calculation, the system calculates correctly:

1,000,000 times 7% = $70,000 per season

$70,000/13 weeks = $5,385. 		17/02/2014 03:05
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 Ah, got it. Over thinking it again!

Thanks for clearing it up 		17/02/2014 03:56
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