234ng44uk:

They've not added my interest today (interest for yesterday 3rd April). I'm still looking at them with corner eye.

They reply my mail and stated that they doing their something quarter, after that, it will be credited

Pls I have these questions
1.How can I start investing with a good MMF.
2.How is the dusky percentage interest is calculated?
3. Are there charges to withdrawals and does each issue certificates quoting your investment? Thanks

I think the calculation is quite right. The calculation is close.

It is compounded @ x percent daily.
so that is 5,550,000 x 13.01(today's rate) / 100

then ---> ans/365(days) to get the daily rate.

from your figures, I calculated your pay to be about 1,900 naira approx that particular day, from a total account balance of 5,550m. but even at that I know your figure might be rounded up, hence difference.

So follow my method above and recalculate.

NB. you will have to add 1900 to the 5.550m to calculate it next day as we are compounding daily

I use stanbic MMF too.

needful:
Stanbic is the worst. I have 5.550m with them and all I got was 1770. They are not even anywhere close to what they posted. Well I do not blame them, let treasury bill rate rise and I will quietly move my fund, rubbish.

casperuk:
I think the calculation is quite right. The calculation is close.

It is compounded @ x percent daily.
so that is 5,550,000 x 13.01(today's rate) / 100

then ---> ans/365(days) to get the daily rate.

from your figures, I calculated your pay to be about 1,900 naira approx that particular day, from a total account balance of 5,550m. but even at that I know your figure might be rounded up, hence difference.

So follow my method above and recalculate.

NB. you will have to add 1900 to the 5.550m to calculate it next day as we are compounding daily

I use stanbic MMF too.

What are you talking about? The guy was paid 1770 and you said it's close to 1900 therefore "the calculation is quite right". I don't understand how 1770 is close to 1900.

Okay. I doubt you understand that basic arithmetic of simple and compound interest. You just stated that the gentleman should have earned 1900 instead of the 1770 he received, "compounding" that amount means he'll earn slightly higher than the interest he received the previous day even if interest rate remains constant. How does all these incoherent rambling justify paying 1770 when he should have earned 1978 at the rate stated on their website?

I meant to say that the decimals and rounding up of figures could cause such a large margin when I tried to reconcile his figures. He said he has 5,550,000 there is no way that is true as I know he must have rounded it up. Hence I am saying that 1770 (also a rounded up figure) is close to 1900 (my rounded up estimation)
comprehende?

234ng44uk:

What are you talking about? The guy was paid 1770 and you said it's close to 1900 therefore "the calculation is quite right". I don't understand how 1770 is close to 1900.

casperuk:
I meant to say that the decimals and rounding up of figures could cause such a large margin when I tried to reconcile his figures. He said he has 5,550,000 there is no way that is true as I know he must have rounded it up. Hence I am saying that 1770 (also a rounded up figure) is close to 1900 (my rounded up estimation)
comprehende?

If you are close to me, I could have given u a big slap. Now take a look, thomas

234ng44uk:

What are you talking about? The guy was paid 1770 and you said it's close to 1900 therefore "the calculation is quite right". I don't understand how 1770 is close to 1900.

Okay. I doubt you understand that basic arithmetic of simple and compound interest. You just stated that the gentleman should have earned 1900 instead of the 1770 he received, "compounding" that amount means he'll earn slightly higher than the interest he received the previous day even if interest rate remains constant. How does all these incoherent rambling justify paying 1770 when he should have earned 1978 at the rate stated on their website?

Dont mind him. Am sure he schooled at Zambia forest

casperuk:
I meant to say that the decimals and rounding up of figures could cause such a large margin when I tried to reconcile his figures. He said he has 5,550,000 there is no way that is true as I know he must have rounded it up. Hence I am saying that 1770 (also a rounded up figure) is close to 1900 (my rounded up estimation)
comprehende?

1,770 Naira (11.6%) is not close to 1900 Naira (12.5%) nor is that close to 1,978 Naira (13%) he should have actually earned. Where is all these approximation coming from?

[quote author=234ng44uk post=77269102]

1,770 Naira (11.6%) is not close to 1900 Naira (12.5%). Where is all these approximation coming from?[/quote

My money is even more than 5.550. Take a look

[quote author=needful post=77269198][/quote]

I think you were paid 13.3%. It looks like you just made a new investment of 700,000 interest of which will reflect from the next day.

234ng44uk:


I think you were paid 13.3%. It looks like you just made a new investment of 700,000 interest of which will reflect from the next day.

Redemption.

.

needful:


Redemption.

Oh! It's straight 11.63% then. Terrible people you should ask them about it.

Experience4u:
Pls I have these questions
1.How can I start investing with a good MMF.
2.How is the dusky percentage interest is calculated?
3. Are there charges to withdrawals and does each issue certificates quoting your investment? Thanks

Please read the thread from page 1 to 153. That is what I did to gain all the knowledge I needed.It will do you alot of good.

234ng44uk:


1,770 Naira (11.6%) is not close to 1900 Naira (12.5%) nor is that close to 1,978 Naira (13%) he should have actually earned. Where is all these approximation coming from?

Which significant figure did he round up N1770 to become N1900? It is well with mathematics oo.

needful:


Redemption.

For some reason , look like subscription. Redemptions usually have a "-"

Am tired, look what they paid today. They didnt pay me on the 3rd but jumped to 4th. See what I got on the 4th.

Mathematicians, help me calculate this things, because am tired already

needful:
Am tired, look what they paid today. They didnt pay me on the 3rd but jumped to 4th. See what I got on the 4th.

Mathematicians, help me calculate this things, because am tired already

What you are showing us is part of your interest moved into you main account to be invested. Show us a daily screen capture of your accout like its shown below.

needful:
Am tired, look what they paid today. They didnt pay me on the 3rd but jumped to 4th. See what I got on the 4th.

Mathematicians, help me calculate this things, because am tired already

Those figures in your snapshots (1770.78 and 1292.17) are not your daily interests o. On those stated dates (2nd April and 4th April) the fund bought some instruments, and those figures you saw as additional subscriptions are your portions of the interest the fund got from those investments.

so on the 3rd when it seemed like there wasn't any addition, it means they probably didn't buy any new assets.

The actual way to get your interest for the day would be to simply subtract your old balance from your current balance

5,560,292.56-5,558,503.76= 1,788.8.

So what's our conclusion?
Between united capital and Fbn quest, who pays better interest?

awesomeJ:


Those figures in your snapshots (1770.78 and 1292.17) are not your daily interests o. On those stated dates (2nd April and 4th April) the fund bought some instruments, and those figures you saw as additional subscriptions are your portions of the interest the fund got from those investments.

so on the 3rd when it seemed like there wasn't any addition, it means they probably didn't buy any new assets.

The actual way to get your interest for the day would be to simply subtract your old balance from your current balance

5,560,292.56-5,558,503.76= 1,788.8.

And that's still 11.7%. But Stanbic had never stated any rate less than 13% for more than a month now.

Can someone please explain the equity income fund(as seen on Axa Mansard)?

234ng44uk:


And that's still 11.7%. But Stanbic had never stated any rate less than 13% for more than a month now.

the figures there are not the based on the daily interest rates oh, you can have a daily interest of N2000 and they would reinvest only N1000 because that's the bit that the underlying investment has matured

[quote author=needful post=77269198][/quote]

For you to know how much you are paid daily, you will have to screenshot your main page like someone said above... You should try and do that at least say by 1.00pm daily weekdays... Then pay a more attention to it every monday(after weekends). As you do that today, keep so that as soon as you do that again on Monday you will subtract the previous amount you had from the present. You will discover that you are always credited, you will also discover that some times you get more than you think and vice versa.

Pls I want to know how much will be paid on daily basis for 50k investment estimation. I just open stanbic money market

Oga, Pls show some respect. The fact that we are talking on public forum doesnt mean you should be rude.

Having made me to waste my precious time to calculate your figures, now here you go.

5,558,503.76 - 700,000.00 = 4,858,503.76

N.B 700,000 is deducted from the figures as it would'nt be compounded with the balance carried forward for the 2nd of April. It will feature from the 3rd.

4,858,503.76 X 13.02% (which was the rate as at 2nd April) = 63,257,718.9552

(63,257,718.9552 / 100) / 365
= 1733.088

As you can see from the calculations above 1,733 and 1,770.78 are close. Although the interest you are paid is higher, I believe I would have been able to reconcile the amount if I had data on interest paid to you on 1 April.

needful:


If you are close to me, I could have given u a big slap. Now take a look, thomas

casperuk:
Oga, Pls show some respect. The fact that we are talking on public forum doesnt mean you should be rude.

Having made me to waste my precious time to calculate your figures, now here you go.

5,558,503.76 - 700,000.00 = 4,858,503.76

N.B 700,000 is deducted from the figures as it would'nt be compounded with the balance carried forward for the 2nd of April. It will feature from the 3rd.

4,858,503.76 X 13.02% (which was the rate as at 2nd April) = 63,257,718.9552

(63,257,718.9552 / 100) / 365
= 1733.088

As you can see from the calculations above 1,733 and 1,770.78 are close. Although the interest you are paid is higher, I believe I would have been able to reconcile the amount if I had data on interest paid to you on 1 April.

So now deducted 700,000 from 5.558m. Bros, I sure say u do only English in school, after that 700k, was the bal wat u calculated above?. Mr mathematics

Hello sir, do you mind sharing a template of the spreadsheet you use? Thank you.

234ng44uk:


You got 12.67% against 12.76% that's surprising. I got 12.7586% on 2nd April (1305.77 on 1st April minus 1235.86 on 2nd April for 200,000 Naira investment). Which is exactly what they stated in their website. I have a spreadsheet I keep amount paid, their interest rate and my rate I get. It's been accurate so far.
Note that the payment on your account is actually for the previous day. No mmf pay you for that day. The payment you'll get today 4th April is for 3rd April.

I redeemed my funds before 8am on Thursday n by 1pm, I got d alert. I tinx stanbic r Gud if ur records r straight

Let me add my voice to the issue about the rate.

My investment is with stanbic so I can only speak about my experience with stanbic.

This is how I calculate my daily return rate: the difference between my available balances yeterday and today multiplied by 365 divided by my available balance today multiply by 100.

Let's say my available balance reads x today and y yesterday, to get the rate at which I was paid today i simply do: X - Y * 365 /X * 100. This should give the exact rate for that day.

When I reached out to stanbic to inform them of the discrepancy in the rates, I was told the daily rate is net of withholding tax and the stated rate is gross of withholding tax, hence the stated rate is only indicative of the performance of the fund. I was also told the subscription/redemption difference also play a role.