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Thread: Earn Interest Income at the Bank! Also, some big rate changes.

  1. #16
    Administrator Mickey's Avatar
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    Quote Originally Posted by Thepenguin
    for the cost of upkeep, will it get taken away from the bank if the balence in the "wallet" is too low?
    Nope, but that's a good idea.

    can i inquire how you have the system for upkeep and bank/wallet system relationship
    Nothing comes out of the bank unless you ask it to. All of the automatic transactions (conversions, taxes, upkeep) come out of your "wallet"

  2. #17
    Member michael fontenot's Avatar
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    And if all of your geos are in the bank and your wallet is empty will your upkeep draw your wallet into the negative or will the funds be drawn from the bank?
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  3. #18
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    Quote Originally Posted by Mickey
    The interest rate is currently 3.75% daily
    100 Geos get 3.75
    1000 Geos get 37.5

    There is no such thing as compound interest right??

  4. #19
    Administrator Mickey's Avatar
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    Quote Originally Posted by War_Peace
    100 Geos get 3.75
    1000 Geos get 37.5

    There is no such thing as compound interest right??
    Actually, it's compounded every five minutes, which means you actually earn slightly more than the numbers you listed, although I don't know how to compute that all at once.

  5. #20
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    Quote Originally Posted by Mickey
    Actually, it's compounded every five minutes, which means you actually earn slightly more than the numbers you listed, although I don't know how to compute that all at once.
    Rate is 3.75% so 100Geos get 3.75 and 1000Geos get 37.5 right?

    1000Geos don't get 50 or 10.000Geos don't get 750

    This means no compound interest(amount grows - interest rate grows)

    Nothing that complicated Mickey...

  6. #21
    Senior Member blitzkrieg's Avatar
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    Quote Originally Posted by War_Peace
    Rate is 3.75% so 100Geos get 3.75 and 1000Geos get 37.5 right?

    1000Geos don't get 50 or 10.000Geos don't get 750

    This means no compound interest(amount grows - interest rate grows)

    Nothing that complicated Mickey...
    That's not what compounding interest is. If you have 1000 at 10% (easier figures) and it increases to 1100 after the interest period (1 day). But that won't happen in this game because the interest is calculated every 5 minutes and then gets paid into the account. You earn interest on the interest already paid to you every 5 minutes. I don't know what the figure would be, but it would actually be more that 1100 in your account after one day. If the money stays in the bank (which it does) than the interest is compounded, if withdrawn every 5 minutes, then not compounded.

  7. #22

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    Here the formula to calculate it at once:

    FV = V*(1 + r)^n

    FV: future value
    V: initial value
    r: interest rate (0.0375 in our case)
    n: number repetitions (days in our case, as this is a daily rate)

    so because it is specified as a daily rate, the final value after one day should increase by just 3.75%, not more. I hope it is already so, otherwise there are 2 options:

    a) calculate the needed 5 minute rate so that the daily rate is 3.75%

    b) change the text to show the real daily rate:

    With the formula in hand either way should be a piece of cake

    - palau

  8. #23
    Member js3486's Avatar
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    Default Interest Rate

    Quote Originally Posted by Mickey
    You can now use the Bank to hold your Geos and earn interest on them!

    As part of this, you can deposit Geos into anyone's bank account. In particular, you can send money to your allies to help them out! Obviously, you can only withdraw money from your own account.

    The interest rate is currently 3.75% daily, compounded approximately every five minutes. This rate will likely go down, as it is currently controlled manually by me.

    Also, the rates on the other resources have changed rather dramatically.

    Jewels now trade for 1.5 Geos each instead of 2.25. However, the rates for all other resources have doubled, making them a much more viable source of income. All of these rates will likely be finessed a bit more over the next couple days.

    For testing purposes, feel free to try to cheat the bank, but please use small numbers. If you find a security hole and steal a bunch, I will crush your existence. However, if you find a security hole and only do some small transactions to verify it, you will be rewarded nicely.

    Mickey lets remeber banks reward fat cats with better interest rates. In the real world (like you have'nt heard this before) we can shop around. Don't get stingy on the interest rates.
    "How do you kill Women and Children? It's easy you just don't lead them as much." Full Metal Jacket

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