2006-06-28 08:21:48 · 7 answers · asked by ? 4 in Business & Finance ➔ Investing
Citi has a 3 month account for an interest rate of 3.75%. Would this mean that I would gain $375 of interest in those three months? ($1000 x 1.375 = 1375.)
2006-06-28 08:31:49 · update #1
No No. 3.75% is $37.50 annual return. For the 3 months you would receive about $9.00.
2006-06-28 08:55:41 · answer #1 · answered by Anonymous · 1⤊ 1⤋
If you are young and it is for long term usage put it into a growth oriented stock or mutual fund. Something preferably recession proof with a high potential for growth. If the money is to be needed in the next 1.5 to 2 years buy a CD, but scout the different rates out, ING usually has some of the best CD inventories. If you are older and are investing for a long period over 3 years try buying a municipal bond fund or something that looks at short term maturities the fed's rate hikes are anything but certain over the next couple of years.
2006-06-28 08:59:18 · answer #2 · answered by hager36 2 · 0⤊ 0⤋
Invest in a set of good financial literacy books like the biography of Sir Richard Branson and a good book by Robert Kiyosaki titled the cash flow quadrant. The best way to increase finance is to know how money works before you start looking and earning it. People like Warren Buffet read 2000 books a year and he is already a billionaire and the best in his field shouldn’t we be following them?
2006-06-28 08:36:00 · answer #3 · answered by kope k 2 · 0⤊ 0⤋
Buy a 3-month CD if you are sure you will not need the money. 3 months is a very short time and $1K is not much money and you won't make much on the money. Just a couple of dollars.
2006-06-28 08:25:25 · answer #4 · answered by Sufi 7 · 0⤊ 0⤋
First off your math is incorect. You multiply 1000x.375. 3.75% is .375 in dollars. then multiply it by the term which is three months. Look, go to bankrate.com and look into CDs and educate yourself then holla back at me.
2006-06-28 15:22:59 · answer #5 · answered by Lucky123s 1 · 0⤊ 0⤋
I would check on a certificate of deposit from the bank. Guaranteed returns and your money is safe. Unlike the stock market.
2006-06-28 08:30:30 · answer #6 · answered by lucybell 1 · 0⤊ 0⤋
Find 100 people and give them each $10 as a gift and say - THANKS FOR BEING YOU !
You will then have at least 10 of those people look at you in a extremely good light and they will look out for you for the rest of your life.
BOSCO
2006-06-28 08:26:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋