400 Blessings

[Roman Soldier]

If I have 10,000 blessings at 1% interest per week, how many weeks would it take me to make 1,000,000 blessings?

Assume that no blessings are entered or withdrawn from the bank during all of this.

Plus 100 extra blessings (500 total) if you show your work.

 

[blessedblonde]

10,000???

thats tricky

 

[Roman Soldier]

No

 

[blessedblonde]

990,000?

 

[Roman Soldier]

LOL think lower.

 

[blessedblonde]

lol...

 

[blessedblonde]

How about 200?

 

[Roman Soldier]

Incorrect.

 

[Quijote]

If I understand your question correctly..

You have 10,000 blessings at 1% interest, and assumming that you reinvest your interest gains and do not add anything else to the original 10,000

after 463 weeks you'll have = 1,001,834.68
after 462 weeks you'll have = 991,915.52

check out this calculator to figure it out

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

cheers

 

[MickyK]

1,000 weeks?

 

[blessedblonde]

100?

 

[Roman Soldier]

If I understand your question correctly..

You have 10,000 blessings at 1% interest, and assumming that you reinvest your interest gains and do not add anything else to the original 10,000

after 463 weeks you'll have = 1,001,834.68
after 462 weeks you'll have = 991,915.52

check out this calculator to figure it out

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

cheers

Wow, I didn't think anyone would get it that fast. I used Excel.

=NPER(rate,pmt,pv,fv)

NPER= Number of Periods
PMT= Payment
PV= present value
FV= future value

=NPER(1%,0,-10000,1000000)

462.8158 weeks (about 8.9 years)

 

[Quijote]

Wow, I didn't think anyone would get it that fast. I used Excel.

=NPER(rate,pmt,pv,fv)

NPER= Number of Periods
PMT= Payment
PV= present value
FV= future value

=NPER(1%,0,-10000,1000000)

462.8158 weeks (about 8.9 years)

lol....

back in my college years I had used excell to figure that out as well...one of my finance classes....but since I never used it..I forgot how to plug in all the right things....

So I cheated and looked for the interest calculator on line

 

[blessedblonde]

that was hard lol

 

[doublej77]

187 weeks

 

[Roman Soldier]

Game Over

 

[RedTulipMom]

It would take 1,000 weeks to make 1,000,000 in interest

1% of 10,000 is 100 so you would get 100 blessings per week in interest

100 x 1,000 = 1,000,000

 

[Roman Soldier]

Game Over. Quijote slam dunked it.

 

[RedTulipMom]

Ok..i was figuring while everyone else was figuring..apparently i forgot about the interest that actually gets added in every week...duh! oh well

 

[Melethiel]

Oh blah...I got here too late. If only I remembered that formula I learned in Pre-Calc, it would take me about 1 minute to calculate it.