Danyell Rowback: Also, does the amount of the principal determine the amount of the interest rate?Ex. $1000 would get you a 1% interest rate. But a $5000 investment would get you a 3% interest rate.
Tereasa Sorensen: The total invested and the amount of time it is invested is a governing factor for interest rates. $1000 invested at 50% is $500. By your math just invest $1000 at 1% five times and you would come out better than $5000 at 3%.
Elissa Curlin: As a financial auditor, stay away from GIC's. Remember that Bernie Madoff used the word "Guaranteed" a lot in his sales pitches.
Mitchel Demry: There is an investment account that's called, "Guaranteed Investment Certificate (GIC)." The plan is for a 30 day short-term period with an interest rate of 0.50%. If I deposit $1000 into that account, I'll receive $500. Therefore, after my term is up, can I re-invest that money and earn another $500? And so forth?Why doesn't everyone do that rather than having! a long-term savings of say 2.20% for 5 years, when you can just keep re-investing in short-term accounts and earn more?...Show more
No comments:
Post a Comment