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Simple interest
• “A CHANGE is as bad as a tragedy in the making” says the headline (July 9) over the letter about sports funding from Simon Macasland in which he claimed that the interest on £10million is £30,000.
As current interest rates are 0.5per cent, the yearly interest on £10million is £10,000,000 x 0.005 = £50,000 interest per year. The weekly interest is £50,000 divided by 52 which equals £961.54 per week.
For the council to get £30,000, there would have to be an investment which could yield over 15 per cent return per year. Perhaps Simon could let us into his secret of where he can get such fantastic returns.
MARK FISH
NW3
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