Is bank interest 1% a day or 1% a year? Because anyone who knows anything about mathematics and compound interest will tell you that 1% a day is insanely high unless you plan on having items cost millions. (and even them 1% a day means every year your boing total is multiplied by 37. Pets were pretty insane, and at least with Novas we were limited to one at a time, but 1% a day would greatly disvalues boing and make the rich richer very fast.
On the other hand, 1% a year is so low it makes ~
.
Well. Let's do the math.
What is the name of the currency? Boing?
I have 10 boing in the bank.
Compound interest daily...
Interest rate = (1/365)%
Principle = P
1 x 365 = 365
A...
A = P(1 + i)^n
A = 10(366/365)^365
A = 27.145674820...
That means, investing 10 boing in the bank will mean I will have 27 boing after one whole year.
Which means, if interest is calculated daily, you will increase your present value by about 2.71%.
I guess thats a little more reasonable. I like missed a factor of ten somewhere in my first math calculation and got it at like 2% instead of 200%. But still, if its 1% a day I think we can all agree thats totally unreasonable =P
I hope Bank Interest increases with increased boing in the bank.
Thanks, feel free to pm me with anything weird like this in the new boing system.
isn't it 0.1% interest? I deposited 10.00 boing and after 24 hours it was 10.01
cooly9052 Wrote:isn't it 0.1% interest? I deposited 10.00 boing and after 24 hours it was 10.01
Yeah, it is now. As Mike implied, it was wrong before, but now it's fixed.
Well, I've got a twentieth of a percent. What gives?
Currently, everyone has the same percentage, so don't worry about that.