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Here in UK, banks seeking depositors must (for comparison purposes)
quote the AER (Annual Equivalent Rate) for each type of account they offer. So that although interest may be earned daily the AER tells us what the accrued daily interest will total in a year's time. Thus £2,000 invested on Jan.1st in an account offering 5.5% AER will have £110 added a year later. I wish to know what interest my deposit will have earned should I close the account early. So: In A1 I put the sum deposited. In A2 I put the AER (as a percentage). In A3 I put the number of days the money will have been in the account. What must I put in A4 to calculate the interest I might expect? TIA for any (all) reply (replies). As an old dog, slow at learning new tricks, I regard you who answer our questions on this ng as geniuses! -- DB. |
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