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Investments?

If I put $10000 in a bank and it earns compound interest of 0.25% yearly but there is a $3 fee monthly how much money will I have after 5 years? Please show me work so that I understand how to do it. Thanks so much.

Public Comments

1. The $3.00 fee its the least of your losses. Here is the math for you: You put 10,000.00 to earn a .25% interest per year. If your interest its simple (you don't earn interest on interest) They will pay you $25.00 a year. So in 5 years they will pay you $125.00 The $3.00 fee X 60 months its $180.00 You will pay $55.00 out of your $10,000.00 to keep it safe. Lets just say you got compound interest and broke even. In 5 years your $10,000.00 its only worth $7,500.00 taking into consideration that inflation its only 5% per year. And it is always higher than 5% What this means its that what you can purchase with $10,000.00 today in 5 years you will need $12,500.00 to purchase the same item(s). So if you really want to invest you need to look at a higher return. Higher than inflation. Other wise it is a bad investment. Take per instance what the bank does with the money. Lend it at a least 6 to 8 % for real estate loans. But for a business loan you are looking at least 10% Good luck to you
2. $3 a month in fees??? This is NOT a nice bank. and the .25% is a joke take it to an online bank (INGdirect is one) NO FEES and at least a 4.5% APY.