Please, I want a million by this time next year, how much can I fix today....any banker in the house?

If your banker gives you 10% per annum, you will need to deposit 10million.

mecussey: Please, I want a million by this time next year, how much can I fix today....any banker in the house?

invest into Kgif, the interest is 12% no withholding tax, so with a 10 million investment you will make more than a million. but at investment one we could fix 10million at 11.5% interest which will give u higher than a million.

Are you talking about a million in interest or a million in principal and interest. At the end of the year. Do you seriously have a million bucks and don't know how to work out an interest calculation? Ask Google. .. I am sure there are online calculators for this

ernie4life:
invest into Kgif, the interest is 12% no withholding tax, so with a 10 million investment you will make more than a million. but at investment one we could fix 10million at 11.5% interest which will give u higher than a million.

Honestly, I don't understand how this fixing works. If I fix money for one year, can't I have access to that money after one year with interest?

mecussey:

Honestly, I don't understand how this fixing works. If I fix money for one year, can't I have access to that money after one year with interest?

if you fix money for one year you wont have access to the money and interest till the end of one year. Meaning at the expiration of the one year, we will give you back your money with interest

ernie4life:
if you fix money for one year you wont have access to the money and interest till the end of one year. Meaning at the expiration of the one year, we will give you back your money with interest

so, can 500k produce another 500k in a year.?

mecussey:

so, can 500k produce another 500k in a year.?

impposible

.

ernie4life:
impposible

Ok 800k may do that?.. My aim is to save the money not really making huge profit. However, I would not like the money to be idle, thats all. I am sure, if I fix it, I won't have access to it until the year I need it abi?

mecussey:

Ok 800k may do that?.. My aim is to save the money not really making huge profit. However, I would not like the money to be idle, thats all. I am sure, if I fix it, I won't have access to it until the year I need it abi?

800k will not smell it.some one told you that you need to fix 10m to make 1m if the rate is 10 percent,so to produce 500k,you need to fix up to 5m with 10 percent rate

mecussey:

Ok 800k may do that?.. My aim is to save the money not really making huge profit. However, I would not like the money to be idle, thats all. I am sure, if I fix it, I won't have access to it until the year I need it abi?

yes you won't unless you change your mind, and if you do there will be chargers on the interest not principal.

bedfordng: 800k will not smell it.some one told you that you need to fix 10m to make 1m if the rate is 10 percent,so to produce 500k,you need to fix up to 5m with 10 percent rate

on point

bedfordng: 800k will not smell it.some one told you that you need to fix 10m to make 1m if the rate is 10 percent,so to produce 500k,you need to fix up to 5m with 10 percent rate

You don't get it, I want to take both my 800k and the interest by the end of one year. So, I assume 800k will attract the interest of about 200k then I will go with 1m total.

ernie4life:
yes you won't unless you change your mind, and if you do there will be chargers on the interest not principal.

Thanks

OP
I am not going to give you cock and bull stories like the previous posters. What you are looking for is very simple. The formula is as given below:
FV = PV(1+i)^t
Fv=future value i.e the 1m u need in 1yr time
Pv= present value i.e the amount u need to fix now
i= the interest rate u need now
t= the time duration in years since u are looking at annual accruals

So go to any bank of your choice, get the best interest rate they can offer you for sums below 1m, put the interest rate into the fomula and change t to 1. Fv should be 1m. Just compute for Pv and you are good.

No thanks for me. Instead thank Seun for the platform he provided.

mecussey:

You don't get it, I want to take both my 800k and the interest by the end of one year. So, I assume 800k will attract the interest of about 200k then I will go with 1m total.

which bank would give such as interest with 800k.even 1m will not produce 200k with 10 percent rate P.A

if you will like my idea, it may go long way to help you while you are still working and set a reasonable time for yourself while you money keep working for you, you dont even need all the money, just a trial with 200k will be good enough to try and invest in a FUND MANAGER who trade forex and with time your 500k appreciate to more than 2million. I m not the one trading but I can introduce my FUND manager who happen to be Manager of a FOREX BROKER IN NIGERIA here, they will not collect any money from you but open an account in your own details, only for them to trade and you too can see how they trade for you and if yuo are not satisfy, you can ask them to stop the trade and collect your money.

make sure u have something that bring in money for u b4 you resign please, your money is very save in their hand and they wil show you their past record and a legal agreement b4 they start to trade for U. My email adefame@gmail.com send me ur phone no and i will give u a call

mecussey:

You don't get it, I want to take both my 800k and the interest by the end of one year. So, I assume 800k will attract the interest of about 200k then I will go with 1m total.

if the interest is 10% per year and you fix your 800k, at the end of one year you will go with 880k.

Pesuzok:

if the interest is 10% per year and you fix your 800k, at the end of one year you will go with 880k.

Is it really an average of 10% per year?

GANDALF1: OP
I am not going to give you cock and bull stories like the previous posters. What you are looking for is very simple. The formula is as given below:
FV = PV(1+i)^t
Fv=future value i.e the 1m u need in 1yr time
Pv= present value i.e the amount u need to fix now
i= the interest rate u need now
t= the time duration in years since u are looking at annual accruals

So go to any bank of your choice, get the best interest rate they can offer you for sums below 1m, put the interest rate into the fomula and change t to 1. Fv should be 1m. Just compute for Pv and you are good.

No thanks for me. Instead thank Seun for the platform he provided.

This maths is somehow...won't the bank person think that you want to teach him or her the work. You know Nigerians hate it when you show them "I too know". Now, that I have gotten some idea, let me ask the question directly. Does any bank pay 20% interest for fixed deposit annually?