Posts by Joshua Stewart7

That part seems pretty straightforward to me, but I must admit, I’m having a bit of trouble grasping how they actually arrive at those specific interest calculations?
If we assume that an initial amount of $800 is saved up, and we're looking at a 4.8% Fixed rate, I just can't quite figure out how they managed to reach $23 by the end of that first year??

I was wondering if someone could please, literally, walk me through the math here? I’m trying to figure out exactly how they arrived at these specific interest amounts shown in the image.
Interest is calculated on a monthly basis, though it's credited annually or at the end of the agreed term.
The rate is a 4.8% Fixed rate, and since deposits follow the $67 schedule, I'm just a bit lost—how on earth did they calculate the final amount of $23 for that first year??