highfihoney said:
I suck at math does anybody know what the interest would be on 13 mill just setting in a savings account?
Let's assume the interest rate is 5% compounded monthly. The formula for that is simple: P*(1+I)^N. It's known as 'future value'. I must be monthly so .05/12.
After 1 year:
13,000,000 * (1.00416) ^ 12 = 13,000,000 * 1.05116 = 13,665,104.673
You'd make $665,104.673 but then of course since the government is a partner in everything we do, it would be taxed as ordinary income. If you were in the 28% tax bracket, you'd be left with 'only' $478, 875.36 - about what a high school graduate earns in a lifetime.
Based on the types of responses to this question, I'd wager that every respondent here would also be broke in a year's time if they came into such a large some of money.