11-20-2021, 02:07 AM
I didn't realize just how bad it was
<!-- SC_OFF --><div class="md"><p>Anyone remember the episode of futurama where fry became ultra-rich by having a bank account with 93 cents in it accumulating interest over 1000 years? Well, because it's futurama and of course it does, the math in that episode checks out. $0.93X(1+0.0225)^1000=$4283508449.71</p> <p>But I'm sure many of you reading this post noticed the problem here. The episode featured a bank with a 2.25% interest rate. The average interest rate on a savings account is 0.06% and that's double what a checking account offers (<a href="https://www.valuepenguin.com/banking/average-bank-interest-rates">https://www.valuepenguin.com/banking/average-bank-interest-rates</a>).</p> <p>So, let's do this math again. .06%/100=0.0006 $0.93X(1+0.0006)^1000=$1.69(nice)</p> <p>That means that instead of being a billionaire, fry's bank account would have accumulated a total of 76.4 cents. In 1000 years. It would take 1155.6 years for the average bank account to double. I knew banks sucked and I knew these interest rates were abysmal but this was still insane to see on my calculator.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/LEMO2000"> /u/LEMO2000 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qxodkm/i_didnt_realize_just_how_bad_it_was/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qxodkm/i_didnt_realize_just_how_bad_it_was/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Anyone remember the episode of futurama where fry became ultra-rich by having a bank account with 93 cents in it accumulating interest over 1000 years? Well, because it's futurama and of course it does, the math in that episode checks out. $0.93X(1+0.0225)^1000=$4283508449.71</p> <p>But I'm sure many of you reading this post noticed the problem here. The episode featured a bank with a 2.25% interest rate. The average interest rate on a savings account is 0.06% and that's double what a checking account offers (<a href="https://www.valuepenguin.com/banking/average-bank-interest-rates">https://www.valuepenguin.com/banking/average-bank-interest-rates</a>).</p> <p>So, let's do this math again. .06%/100=0.0006 $0.93X(1+0.0006)^1000=$1.69(nice)</p> <p>That means that instead of being a billionaire, fry's bank account would have accumulated a total of 76.4 cents. In 1000 years. It would take 1155.6 years for the average bank account to double. I knew banks sucked and I knew these interest rates were abysmal but this was still insane to see on my calculator.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/LEMO2000"> /u/LEMO2000 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qxodkm/i_didnt_realize_just_how_bad_it_was/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qxodkm/i_didnt_realize_just_how_bad_it_was/">[comments]</a></span>Kind Regards R