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Asked by Osaze on Friday January 16, 2015 at 13:24:8:

I have N1m that I want to invest in a fixed deposit account in Nigeria. How much interest will I get paid for it? I don't fully understand how fixed deposit accounts work.


Answers:
Re: How much interest will I make if I invest N1m in a fixed deposit acccount Reply by Felix Okoli on Friday January 16, 2015 at 13:29:5:

How much you will make will on a fixed deposit account with that N1m as capital will depend on 2 things: Time and interest rate.

You need to first ask your bank how much their rate is before investing and the minimum period.

Let's say that the bank's rate is 10% for that N1m and you let the money stay in your account for 1 year, then it means that your interest will be N100,000 after that year. If you leave it for 90 days(i.e. 3 months), then your interest earned will be N25,000.






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