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Close Topic OptionsSimple And Compound Interest
Simple Compound Interest - Politics, Business, Civil, History - Posted: 28th Dec, 2005 - 2:41am
Posts: 2 - Views: 1094
If it confuses you then you are not alone...Post Date: 20th Dec, 2005 - 8:03pm / Post ID: #
NOTE: News [?]
Simple And Compound Interest
RBC REFUNDS $25 MILLION AFTER CONFUSING SIMPLE AND COMPOUND INTEREST
RBC Royal Bank is sending refunds of $25 million to 250,000 of its GIC clients because the corporation confused simple with compound interest.
Ref. https://www.cbc.ca/story/business/national/...rbc-051219.html
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Interest Compound Simple
How does a bank system make this kind of error? Working on computer software and different programs in the past there are so many variables that are more human error or key entry problems rather than actual computer problems. This story gives me that feeling. If your bank made this type of error, even if they corrected it to their best ability, how much would you trust them for your future business or would it affect you at all? I might personally be leary about investing my money with them again.
International Level: Politics 101 / Political Participation: 7 
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TOPIC: Simple And Compound Interest