how does interest rate work?
in nyc interest rate on a savings account in chase is .10%
if i have 300….how much does it grow?
Use a financial calculator, or the web site below
For 1 year, assuming daily compounding
N=365
I/Y% = 0.1
PV=-300
PMT=0
CPT FV = 300.30
P/Y= 365
In other words, you give the bank 300 today, get back 300.30 in a year