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Math problem (trick question)

Name: Anonymous 2009-09-23 20:37

MILKRIBS4k opened a savings account with a 2% APR interest rate, paid and compounded monthly. He deposits $1 there and does nothing for 1 full year. What will be his account balance after 1 year if the interest they pay stays the same?

Name: Anonymous 2009-09-23 20:46

Something about an anus? I give up.

Name: Anonymous 2009-09-23 20:48

He gets fined money by the bank for "insufficient funds." Somewhere in the negatives.

Name: Anonymous 2009-09-24 0:53

I don't know what's up with the weird name, MILKRIBS4k, but I guess 1.268241794562545318301696 or $1.25

Name: Anonymous 2009-09-24 0:56

Scratch that, $1.02

Maybe banks would steal your $.02 and you'd be left with $1.

Name: Anonymous 2009-09-24 1:32

>>6

And how do they (mathematically) justify the stealing?

Name: Anonymous 2009-09-24 2:30

>>3
That.

Name: Anonymous 2009-09-24 10:07

If that's the /effective/ APR, then $1.02.

Name: Anonymous 2009-09-24 12:39

Answer: still $1 because the interest collected every month is a fraction of a penny, which gets rounded to 0.

Based on a true story.

Math problem (trick question)

1 Name: Anonymous 2009-09-23 20:37

2 Name: Anonymous 2009-09-23 20:46

3 Name: Anonymous 2009-09-23 20:48

5 Name: Anonymous 2009-09-24 0:53

6 Name: Anonymous 2009-09-24 0:56

7 Name: Anonymous 2009-09-24 1:32

8 Name: Anonymous 2009-09-24 2:30

9 Name: Anonymous 2009-09-24 10:07

10 Name: Anonymous 2009-09-24 12:39