If you had 1 million in a bank left untouched for 1 year how much money would you make off of that?
I never have much money in the bank so I don't think I have ever made money off of the intrest....Pathetic; I know!
2007-02-18 13:26:35 · 7 answers · asked by nici a 2 in Business & Finance ➔ Personal Finance
Instead of giving an answer....I'm going to give you a very good website you can go to and get the answer so you'll always be able to figure the answer to this question for any amount. Go to choosetosave.org and go to calculators. Enter your $1,000,000 and an interest rate. The question for anyone with $1,000,000 is always if I invest this money what will my return be or in other words, what interest will I receive. Every bank has dozens of places to invest money and each provides a different return rate. For example, a simple savings account...figure 1-2% per year. Money market accounts or Certificates of Deposits...figure 3-4% per year. The interest you get generally depends on where the money is invested. Lower the risk, lower the return. Higher the risk, higher the potential return or loss. An IRA may make 10-15% in a year or may lose the same %. At any rate, the calculators at choosetosave.com will help you figure all the possibilities.
2007-02-18 13:55:17 · answer #1 · answered by philsky 2 · 2⤊ 0⤋
2
2016-07-21 02:30:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you say 5.05 - the current savings account rate at HSBC - then it's a little more than $50,000 per year.
That's like an extra salary for just letting your money in the bank. Of course, most traditional banks do not offer this high rate of return at this point in time.
2007-02-18 13:40:16 · answer #3 · answered by Matt K 4 · 1⤊ 0⤋
For the best answers, search on this site https://shorturl.im/awxSW
Proboaly about 50k a year.
2016-04-03 03:26:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
say 1 mil at 5%, that's $50,000 yr
2007-02-18 13:31:02 · answer #5 · answered by Anonymous · 2⤊ 0⤋
it depends on the interest rate of the account, the higher the interest rate, the larger the interest earned
2007-02-18 13:34:59 · answer #6 · answered by ****Lily**** 2 · 1⤊ 0⤋
What is the point of knowing when you donot have this kind of money anyway.85% people Wish,10% people Hope for and only 5% actually make it.I am glad that you have a good thinking to have that kind of money even though you do not have right now.
Donot wish or hope,work for it.Stay away from negative people who may discourage you or may steal your dream.Have a strong dream,believe in it.You will make it.
I help people to achieve their goals and give directions only.There are lots of self help books in the market that can motivate you but will not give a vehicle or direction to be on it.
Good luck.
2007-02-19 05:17:18 · answer #7 · answered by Prakash P 2 · 1⤊ 9⤋
no fat chicks
2016-03-18 02:39:46 · answer #8 · answered by Anonymous · 0⤊ 0⤋