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for a savings account that calculates interest daily and pays interest monthly, is it better to contribute daily or monthly? (lemmy.world)

submitted 1 year ago* (last edited 1 year ago) by Agent641@lemmy.world to c/personalfinance@lemmy.ml

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So i got into a disagreement with ChatGPT about whether you earn more interest overall if you contribute daily rather than monthly, if the overall contribution over 1 year is the same.

I made CGPT write some python code to prove it. His code is on the left. I still didnt believe him so I wrote my own, on the right.

Our results seem to disagree, so Im asking you guys, if your interest is calculated daily and paid monthly, is it better to contribute $143 per day for 365 days, or $4349.58 monthly for 12 months?

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[–] Agent641@lemmy.world 5 points 1 year ago

Thank you, this is the big brain logic that me and the robot were missing 🧠