when does the interest on the bank money happen ? Is it on a daily basis and at what time?
Thanks for the help
Why are there no peplies to this yet? This is an excellent question, does anyone know how interest is calculated and when?
i believe it to be midnight game server time.
and it is an annual interest rate of 10%...compounded daily.
Right. From what I've observed and calculated, interest is added at midnight game time (Central U.S. time). 10% annually equals one dollar per day for every $3650 you have in the bank, rounded up or down depending on the exact amount.
I guess that's why banks get rich. 1 dollar for every 3650 wow. I wish i was the bank.
well, the AL bank operates in the red so I don't think you'd want to be that bank. real banks give much much less than $1 on $3650. if you just have a checking account you are getting something in the neighbourhood of $1 per day on every $73,000 you have in the bank.
The formula for the bank interest wouldn't be something like P=S(1+ i) ^n or something like that?
The bank interest here is pretty realistic and i dont think it should change, what would be good is some sort of investement accout. Say you put $50k in then you choose an investement time (30, 60, 90 days) if you leave the money in then you gain some good interest (4%, 10%, 17%) If you draw the money out early then you get nothing not even normal bank interest.
Example - put $50k in for 60 days you will get an additional $5k at the end of it. In the normal bank you would have got $815
- put $100k in for 90 days and get $17k instead of $2468.
Just an idea, what do you all think?
Let's build a full Wallstreet look alike and let's see who dares invest on the dangerous ones for the big reward.
Having no risk and getting high % every time would be a disaster for the economy of the game. Just like in real world, if you want to try and get more than 1,3% monthly, you have to be willing to take risks and/or make bad calls/bets/buys.
actually what berry is talking about is more like investing in treasuries or short term GIC's and I have had the same idea before. a bank account in AL pays 10% per annum, so realistically locking your money in for a given period of time should net you more than that with no risk. using bank of america as an example, currently a regular savings account pays 0.2% interest, compounded daily and paid monthly whereas a 9 month certificate of deposit pays 4.41%. now, 9 months is a little long to offer in AL, but the 30, 60 and 90 day options sounded good. basically berry is suggesting a fixed income market be available which I think is a good idea.