I didn’t realize just how bad it was

Anyone remember the episode of futurama where fry became ultra-rich by having a bank account with 93 cents in it accumulating interest over 1000 years? Well, because it’s futurama and of course it does, the math in that episode checks out. $0.93X(1+0.0225)^1000=$4283508449.71

But I’m sure many of you reading this post noticed the problem here. The episode featured a bank with a 2.25% interest rate. The average interest rate on a savings account is 0.06% and that’s double what a checking account offers (https://www.valuepenguin.com/banking/average-bank-interest-rates).

So, let’s do this math again. .06%/100=0.0006 $0.93X(1+0.0006)^1000=$1.69(nice)

That means that instead of being a billionaire, fry’s bank account would have accumulated a total of 76.4 cents. In 1000 years. It would take 1155.6 years for the average bank account to double. I knew banks sucked and I knew these interest rates were abysmal but this was still insane to see on my calculator.