New Posts For Thread: Here is a puzzle for you all.https://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-alllets pretend there is a guy aged 25 and he wants a million in his bank account before he reaches 66 years of age.the bank tells him that the rate of interest will be fixed at 3% per year.question=how much must he save per day to get his million.evenYou can use the pmt or fv formulas in excel but I think you need to understand some subtle underlying principles for them. Like it only seems to work well with annual interest paid monthly. Which sorts out your leap year problem because you aren’thttps://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557183143#557183143You can use the pmt or fv formulas in excel but I think you need to understand some subtle underlying principles for them. Like it only seems to work well with annual interest paid monthly. Which sorts out your leap year problem because you aren’tThu, 16 May 2019 13:15:04 -0500Interest compounds.As does inflation.https://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557180689#557180689Interest compounds.As does inflation.Thu, 16 May 2019 05:56:10 -0500Could have been worded it a bit better; `... to go from 40 years to 41 years, you add 3%, but if you take 3% of 41 away from 41, you won`t end up back at exactly 40...`Obviously meaning; add/subtract the 3% to/from the cash, not to/from the time perihttps://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557179921#557179921Could have been worded it a bit better; `... to go from 40 years to 41 years, you add 3%, but if you take 3% of 41 away from 41, you won`t end up back at exactly 40...`Obviously meaning; add/subtract the 3% to/from the cash, not to/from the time periWed, 15 May 2019 21:37:56 -0500brassneck; there`s a major flaw in the way you are calculating it; subtracting x% from y to leave z is NOT the same as adding x% to z so that you end up with y. Easy example; 20-50%=10, but 10+50%=15. Likewise, to go from 40 years to 41 years, you adhttps://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557179905#557179905brassneck; there`s a major flaw in the way you are calculating it; subtracting x% from y to leave z is NOT the same as adding x% to z so that you end up with y. Easy example; 20-50%=10, but 10+50%=15. Likewise, to go from 40 years to 41 years, you adWed, 15 May 2019 21:17:14 -0500THere's a discussion on doing it in excel (lengthy!) here:https://www.ablebits.com/office-addins-blog/2015/01/21/compound-interest-formula-excel/and here's another fancier calculator.https://www.bankrate.com/calculators/savings/compound-savings-calcuhttps://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557172707#557172707THere's a discussion on doing it in excel (lengthy!) here:https://www.ablebits.com/office-addins-blog/2015/01/21/compound-interest-formula-excel/and here's another fancier calculator.https://www.bankrate.com/calculators/savings/compound-savings-calcuTue, 14 May 2019 13:37:41 -0500The rule of 72 is really handy to know (there is another variation of it isn't there) but not appropriate, I thought of it myself yesterday :) Excel must have a formula for this?There must be standard ways of doing it. Capital repayment mortgages forhttps://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557172679#557172679The rule of 72 is really handy to know (there is another variation of it isn't there) but not appropriate, I thought of it myself yesterday :) Excel must have a formula for this?There must be standard ways of doing it. Capital repayment mortgages forTue, 14 May 2019 13:31:42 -0500It would have been better if I read the question.https://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557172237#557172237It would have been better if I read the question.Tue, 14 May 2019 12:06:20 -0500Rule of 72 - number of years to double your money is 72 / interest rateor 72/3 = 24 years40 years to retirementYou start with xAfter 24 years (72/3) you have your first double, or 2xThen you start with 2x and you get 16/24 of a second double or 0.667https://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557172217#557172217Rule of 72 - number of years to double your money is 72 / interest rateor 72/3 = 24 years40 years to retirementYou start with xAfter 24 years (72/3) you have your first double, or 2xThen you start with 2x and you get 16/24 of a second double or 0.667Tue, 14 May 2019 12:05:08 -0500i have bad eyesight JC (no joking)and i can not read the link ,never mind punching it in,but if you say £35 per day i will take your word for it,thanks ,it was doing my head in trying to work it out.https://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557170607#557170607i have bad eyesight JC (no joking)and i can not read the link ,never mind punching it in,but if you say £35 per day i will take your word for it,thanks ,it was doing my head in trying to work it out.Tue, 14 May 2019 07:15:42 -0500so he is going to be saving for 41 years,and he gets 3% interest on the last day of every year,now there are 11 leap years,so i reckon he will save for 14976 days,so if i take a million and take 3% off for 41 years that leaves £286840.91 that he hashttps://community.betfair.com/chit_chat/go/thread/view/94038/31528079/here-is-a-puzzle-for-you-all?post_id=557170589#557170589so he is going to be saving for 41 years,and he gets 3% interest on the last day of every year,now there are 11 leap years,so i reckon he will save for 14976 days,so if i take a million and take 3% off for 41 years that leaves £286840.91 that he hasTue, 14 May 2019 07:10:02 -0500