Why not invest in Charter One Bank. They pay 2.5 percent on money
market funds if the balance is over 10,000?
FDIC insured as well.


MJ10 <janniceniki[at]hotmail.com> wrote in message news:<Gxv0d.384444$gE.279007[at]pd7tw3no> ...
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Hi!
You are going to get approx .0018 times your money per month.
..022/12= .0018 or $1.83 per 1000. The next month multiply this result by
..0018 and so on.
If you are adding a set amount just add it to the monthly result and
multiply by .0018.

Hope this helps
Jan

"confused man" <bfbj[at]iup.edu> wrote in message
news:nq6dnZITV9z2G9zcRVn-oQ[at]adelphia.com...
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"confused man" <bfbj[at]iup.edu> writes:

- quote -

Well, since the 2.2% is the annual percentage yield (i.e. already
adjusted for compounding effects), a very good approximation
will simply be:
Eight months interest = Principal * (8 months/12 months) * 2.2%

If you want an exact answer, then assuming ING compounds monthly,
figure out the monthly rate via
monthly rate = (1 + 0.22)^(1/12) - 1

And then the eight months of interest is
eight months interest = principal * (1 + monthly rate)^8

As for your final question, I'll leave that to the graphing
calculator experts :-). But it is solvable in closed form
if you want to grind the algebra.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

Hello all,
My wife and I have a sizable amount of money we want to put into a savings
account (ING Direct) at 2.2%. I am trying to use my TI-83+ to figure how
much the interest will accumulate in around 8 months. I'm also trying to
figure out how much I would have if I added $X per month to the account (in
addition to the interest). I know how to get to the TVM solver but I can't
figure it out.

Thank you,
Confused Man