Post by The Regional Reserve on May 25, 2020 14:54:57 GMT -5
Bank Interest
Current interest rate: 0.109%, compounded daily but only on days you post
Extra Extra Read All About It!
In startling news from the Regional Reserve of 10000 Islands, 10000 Island bankers have gotten together and agreed that the 10000 Island Central Bank (where we all keep our funds) should start paying interest on money kept in the bank by all nations here on the forum. The bankers agreed that the economy needs this stimulus, and as such an interest rate of 2% APR is hereby put into place. All ye nations, rejoice!
(Thanks to Grub (Lenlyvit) for agreeing to allow this. We want the economy to grow!)
The Regional Reserve is proud to announce the following updates in our economic system. Enjoy!
Interest Rising: Bank Officials Discover Regional Calendar
Bank Officials of our forum's bank were not pleased when, last week, United Royal Islands stormed into their office, calendar in hand, demanding they explain why interest on bank deposits were not being paid based on the NS Regional Master Calendar. The bank's official statement was one of silence and some head scratching, but after a bit of haggling, they admitted to using the mysterious and illusionary RL calendar for their interest calculations. And to think they got away with it!
Due to this revelation, the bank has now been ordered to recalculate interests based on the Master Calendar, and the changes amount to a change from 0.0055% per posting day to a whopping 0.1004% per posting day. That is 18.25 times our current interest rate! A full calculation for the same has been given in the spoiler below for the mathematically minded.
In short, save, spend or splurge, we promise returns no matter what you do with your tacos!
{Interest Calculation}
Yield rate = (1 + Rate ) ^ Days Compounded)
OLD
Interest Rate
= 0.0055% * (Principal)
= 0.000055 * (Principal)
For a standard year with 365 days:
(1 + 0.000055) ^ 365 = 1.02027729476
Therefore, rate percentage per annum
= (1.020277 - 1) * 100%
= 2.0277%
NEW
1 RL Month = 1.5 NS Years = 574.5 NS days
Aiming for 0.0055% APR (per NS day):
(1 + 0.000055) ^ 574.5 = 1.03056961323
On a 30 day average month:
(1 + RL day rate) ^ 30 = 1.03056961323
=> RL day rate = (1.03056961323 ^ (1/30)) - 1 = 0.0010042263 = 0.1004%
Yield rate = (1 + Rate ) ^ Days Compounded)
OLD
Interest Rate
= 0.0055% * (Principal)
= 0.000055 * (Principal)
For a standard year with 365 days:
(1 + 0.000055) ^ 365 = 1.02027729476
Therefore, rate percentage per annum
= (1.020277 - 1) * 100%
= 2.0277%
NEW
1 RL Month = 1.5 NS Years = 574.5 NS days
Aiming for 0.0055% APR (per NS day):
(1 + 0.000055) ^ 574.5 = 1.03056961323
On a 30 day average month:
(1 + RL day rate) ^ 30 = 1.03056961323
=> RL day rate = (1.03056961323 ^ (1/30)) - 1 = 0.0010042263 = 0.1004%