Windmill <spam-no-s...@Onetel.net.uk.invalid> wrote:
>By my rough calculation, a kid who put in 10p. per day would become a
>millionaire in about 300,000 years.
You're being unduly pessimistic - it would only take about 30,000 years.
rich...@cogsci.ed.ac.uk (Richard Tobin) writes:
>In article <LyyssE....@freebie.onetel.net.uk>,
>Windmill <spam-no-s...@Onetel.net.uk.invalid> wrote:
>>By my rough calculation, a kid who put in 10p. per day would become a
>>millionaire in about 300,000 years.
>You're being unduly pessimistic - it would only take about 30,000 years.
You're right, of course. Somehow an extra zero must have slipped in as
I passed the shop, not that it would make much difference to the kid.
Anyway, I was about as accurate as the people who cost parliament
buildings, tram projects, aircraft carriers, large IT projects, and the
like.
Funny thing, though. Tax cuts for people like Richard Branson are
sometimes advocated because of the presumed trickle-down effect (though
one cannot be sure in what direction the cash will trickle - it might
leave the country entirely), whereas huge government expenditures are
presumed to represent money which has been 'lost', vanished, ceased to
exist.
-- Windmill, Tilt...@Nonetel.com Use t m i l l
J.R.R. Tolkien:- @ O n e t e l . c o m
All that is gold does not glister / Not all who wander are lost
> rich...@cogsci.ed.ac.uk (Richard Tobin) writes:
> >In article <LyyssE....@freebie.onetel.net.uk>,
> >Windmill <spam-no-s...@Onetel.net.uk.invalid> wrote:
> >>By my rough calculation, a kid who put in 10p. per day would become a
> >>millionaire in about 300,000 years.
> >You're being unduly pessimistic - it would only take about 30,000 years.
> You're right, of course. Somehow an extra zero must have slipped in as
> I passed the shop, not that it would make much difference to the kid.
> Anyway, I was about as accurate as the people who cost parliament
> buildings, tram projects, aircraft carriers, large IT projects, and the
> like.
> Funny thing, though. Tax cuts for people like Richard Branson are
> sometimes advocated because of the presumed trickle-down effect (though
> one cannot be sure in what direction the cash will trickle - it might
> leave the country entirely), whereas huge government expenditures are
> presumed to represent money which has been 'lost', vanished, ceased to
> exist.
Hah, the trickle-down effect. Yep, we all get trickled on, and from a
great height too.
> You're being unduly pessimistic - it would only take about 30,000 years.
A lousy 0.01% annual interest, compounded and calculated daily, would bring it down to 13,190 years and 6 months. At 1% interest, 792 years. At 5% interest, 145 years.
Derek F <lordpil...@NOXo2.co.uk> writes:
>On 06/02/2012 09:24, Windmill wrote:
>> Passed a piggy-bank in an Easter Rd. window last week which said
>> "Millionaire in the making".
>> By my rough calculation, a kid who put in 10p. per day would become a
>> millionaire in about 300,000 years.
>> Something to think about when pondering on subjects like remuneration
>> committees.
>Supposing when he started work that he then put in the price of a packet >of fags a day for fifty years.
>Derek
Yeah, compounding radically reduces the time required!
-- Windmill, Tilt...@Nonetel.com Use t m i l l
J.R.R. Tolkien:- @ O n e t e l . c o m
All that is gold does not glister / Not all who wander are lost
The Real Doctor <ian.gro...@btinternet.com> writes:
>On 06/02/12 15:41, Richard Tobin wrote:
>> You're being unduly pessimistic - it would only take about 30,000 years.
>A lousy 0.01% annual interest, compounded and calculated daily, would >bring it down to 13,190 years and 6 months. At 1% interest, 792 years. >At 5% interest, 145 years.
And at 10%, within the kid's probable lifetime.
-- Windmill, Tilt...@Nonetel.com Use t m i l l
J.R.R. Tolkien:- @ O n e t e l . c o m
All that is gold does not glister / Not all who wander are lost
In message <jgs0lh$b0...@dont-email.me>, The Real Doctor <ian.gro...@btinternet.com> writes
>On 06/02/12 15:41, Richard Tobin wrote:
>> You're being unduly pessimistic - it would only take about 30,000 years.
>A lousy 0.01% annual interest, compounded and calculated daily, would >bring it down to 13,190 years and 6 months. At 1% interest, 792 years. >At 5% interest, 145 years.
