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Interest, and Making it Work for Me
I opened a money max account on 1/6/10. The minimum balance required was $25,000. I deposited $30,147.36 on the day the account was opened. I closed the account on 2/8/10;
the balance was 31,490.67. What is the interest rate for that to have happened? Secondly, considering that interest rate, if I left $30,000 in the account to continue to build, and take out the interest that is gained monthly, how much would that be monthly, over the course of the year going by that interest rate?
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 Your investment appears to have grown by $1,343.31 in thirty-three days. That suggests an annual rate of interest of 49.28%, unheard of in today's market. It's conceivable that an investment could perform in such a way, but not a bank deposit. Assuming that such a rate were sustainable, and using even months, the investment would apparently generate about $1238 a month in income. If you'd like to try your hand at figuring out some rates and income amounts, click on the "Banking Tools" in the left menu column on your screen.
Published on BankingQuestions.com 2/16/10
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