We're doing it with 9.3%, it just becomes even more difficult. Get a number that's close, but no straightforward way to do it. YouĬan just keep, if you have a simple calculator, youĬan keep incrementing the number of years until you My money, to actually solve it to get the exact answer, is not an easy thing to do. Although the idea's simple, how long will it take for me to double There's multiple videos on how to solve these. I'm showing you that this is complicated on purpose. Logarithm of both sides base 1.1, and you get x. Now I'm going to have to solve for x and I'm going to have toĭo some logarithms here. Well, I'm going to double my money so it's going to have to equal to $200. Or 1.10 depending on how you want to view it, to I'm going to multiply that times, let's say whatever, let's say it's a 10% interest, 1.1 This math right here, you'd have to say, gee, to double my money I would have to start with To double your money? If you were to just use Even more, let's say I were to ask you how long does it take Simple, to actually calculate compounding interest isĪctually pretty difficult. Sense here that although the idea's reasonably After n years it would be 1.07 to the nth power. After 3 years, I could do 2 in between, it would be 100 timesġ.07 to the 3rd power, or 1.07 times itselfģ times. Would have 100 times, instead of 1.1, it would be 100% plus 7%, or 1.07. Let's say this is aĭifferent reality here. Three years, we're going to have 100 times 1.1 to theģrd power, after n years. Much money do we have? It's going to be, after We have 100% of our original deposit plus another 10%, so we're multiplying by 1.1. Remember, where does the 1.1 come from? 1.1 is the same thing asġ00% plus another 10%. It's this, it's the 100 times 1.1 which was This number right here is going to be, this 110 times 1.1 again. To get to this number right here, we just multiplied that number right there is 100 times 1 Let's say this is my originalĭeposit, or my principle, however you want to Have after let's say n years is you multiply it. The general way to figure out how much you Every year the amount of interest we're getting, if You get plus 10% on that, not 10% on your initial deposit. Your deposit entering your second year, then 10% on 110 is you're going to get another $11, so 10% on 110 is $11, so you're going to get 110. After two years, or a yearĪfter that first year, after two years, you're going to get 10% not just on the $100, You'll have your $100 plus 10% on your $100 deposit. If we wait one year,Īnd you just keep that in the bank account, then Means is that let's say today you deposit $100 There are other videos on compounding continuously. Keep it a simple example, compounding annually. That's usually not theĬase in a real bank you would probably compound continuously, but I'm just going to Just as a review, let's say I'm running some type of a bank and I tell you that I am offering 10% interest Then we'll actually see how good of an approximation this really is. Of an approximate way, to figure out how quickly Now should be able to view compound keys in our Analytic Models, SAC stories and SAC Add-in for Microsoft Office.About compounding interest and then have a little bit of a discussion of a way to quickly, kind We can now create an analytic model by dragging in the analytical dataset with the associated dimension and view the result of the compound key in the result set. Step 4: Build analytic model for consumption Step 3: Create a model and associate the dimension to the modelĭefine an analytical dataset and create an association to the CostCenters dimension.
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