How much interest a month can you receive if you have $20,000,000 in the bank at 3%?

March 28, 2015

Advisor answers

FISC-CCCS of Northeast   Wisconsin (NFCC)

FISC-CCCS of Northeast Wisconsin (NFCC)

NFCC Certified Credit Counselor

I like // for savings calculations. Using these assumptions: a one time deposit of 20 million dollars in a savings account that compounds monthly. After 1 year the account balance would grow by $ 608,319.14. There are certainly additional ways to earn interest on any amount of money whether large or small. A savings is a good choice if you need the money available for withdrawal. Staggering or laddering CD's would be another option a bank or credit union could offer to earn interest on your money a...

20,000,000 X 0.03 = $600,000 annual interest$600,000 / 12 = $50,000 monthly interestThe answer is $50,000 per month.

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