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Am I dumb
but doesnt per annum mean per year, like annually. so its 62% per year or per week...
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DBonee Thank god we have a smarty here. ty for breaking it down for us <3
1% per week is equal to 62% annually (or per annum). So if you had $100 compounded at 1% weekly, it would amount to 62% per year (instead of 52% as in 1% x 52 weeks, the overall compounding over time makes it 62%).
we're dumb twunks