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DowntoEarth | How much money would you need to have in the bank to get 1 million dollar interest? (monthly)? |
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kimberly
 |
Accounts like that don't get interest. When you have millions you make investments instead.
Bill gates net worth is based on Stock ownership, so are many other billionaires. It's not the same as cash on hand. |
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jollygreen12
|
well...first of all. That wouldn't be wise. 1 reason is that each account is only insured up to $100,000.00. Also know as the FDIC. You are only allowed to open up 20 accounts. Totaling 2 million in Federally insured money. So if something happens. Like say the bank gets robbed. Goes out of business. You lose anything over that $100,000.00 mark on EACH account. Most banks, if your lucky, will give you a 3% interest. So..if I'm figuring this up right. It would take $333,333,333.33.....at 3%. But I'm not all that good at math...so I could be wrong. |
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Josh
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say its an account with 5% interest
you would need $240 million |
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?
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this question can't be answered because there are missing components. |
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Eddie
 |
Depends on the interest rate. Here are a few examples:
Interest
Rate Amount in Bank
2.00% 600,000,000.00
3.00% 400,000,000.00
4.00% 300,000,000.00
5.00% 240,000,000.00
6.00% 200,000,000.00
7.00% 171,428,571.43
8.00% 150,000,000.00 |
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apa7
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good qn |
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ms.chacha
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depends whats the interest rate is |
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smiling_freds_biz_info
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What for you need this much? Bill G. may be able to help you with this. Anyway - you will be sharing it with Income Tax dept |
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SalKnows
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Ask Bill Gates |
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Skydog70
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100 million dollars at 1% interest ought to net you 1 million dollars a year. At 12% percent interest, close to a million a month, but to get that most people invest in stocks, or bonds, not put it in the bank.... |
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eldude
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less than 20 million |
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