Solve this Math problem please?
 

I know how to use a calculator, but being honest, dunno what to put in it to get the answer... So as I don't know, I'll ask here...

Someone puts £1.25 million into a bank account and leaves it there for 10 days. Then they take the money out.

In those 10 days it earns £210 in interest.

What was the yearly interest rate % of the account?

Thanks in advance :)

Is the answer "Lulu"?

You going back to uni?

So in a year that would mean 210*36.5 = 7665pounds
so 7 655/1 250 000 = 0.006132 = 0.6132%

but I had already two glasses of wine so i'm not sure lol

So zero point six percent then?

Sounds about right, seems very very very low!

Cool Thanks everyone.

0.0168% is what that percentage is, though that doesn't equate to the actual yearly interest rate. On a calculator do the following (this may well be the idiots way, it's just how it was taught to me):

low number / high number x 100 = the percentage

eg 25 poker hands played, you win the pot 7 times, is 7 / 25 x 100 = 28%, if working out your win percentage of poker hands played :thumbsup

$30 earnings from $100 customer spend at a revshare cam company is:
30 / 100 x 100 = 30% (obviously)

so 210 / 1250000 x 100 = 0.0168%

missed this, spot on. Though bear in mind banks work on apr so that 0.6% would be higher over a year than the 10 days it is for in your example

That's what I got too.

i approve this message

here ya go, this shows that a monthly rate of 0.6% is actually 7% for a year, so factor in the variables with it being just 10 days, and you'll see the actual rate for the year is a lot higher than 0.6%

Interest Rate Converters

That is correct so the wine may have helped.

:1orglaugh