@Specility
From My Experience in the Financial Field
If You Deposit Only 1000USD or 1,500,000 LBP
(FV = Future Value , PV = Present Value You Have , R =Yearly Interest Rate , N = Period)
Interest Rate of 5.25% (Assume it Is an Average but it Fluctuates from Bank to Bank But with a small margin) on LBP which Lebanese Banks Gives on Average - How Many Years You Need to wait to Obtain 10,000 USD (15,000,000 LBP from 1,500,000 LBP)
FV = PV (1 + r) pow (n) = 15,000,000 = 1,500,000 (1.0525)pow (n) = Ln(15,000,000/1,500,0000) = nLn(1.0525)
Therefore N = Ln(10) / Ln(1.0525) = 45 Years
You Need To Wait 45 Years Dude in Order to Obtain 15,000,000 LL from a Deposit of 1,500,000
Blom has a Program for Small Deposits
Accounts
Oumnyati Account
The new ‘Oumnyati’ savings account is another extension of BLOM BANK’s peace of mind designed to provide you with interest on small amounts of money. ‘Oumnyati’ is a time deposit account that allows you to save for a brighter future from as low as 50$ or 75,000 LBP per month!
How does the OUMNYATI savings account work?
• Deposit between 50$ and 2,000$ (or 75,000 LBP and 3,000,000 LBP) on a monthly basis, and see your deposited amount increase with the following annual interest rates:
USD account LBP account
1st year 2.5% 4.5%
2nd year 2.75% 5%
3rd year 3% 5.5%
Onward Preferential rates*
• The interest amount is paid monthly so you can see your money grow.
• After the first 3 years, you can withdraw the entire amount in addition to the accumulated interest rates.
• Booster Payments: you are allowed to place two additional booster payments per year with total amount up to 10 times the monthly
payment for a fee of 5$.- See more at:
http://www.blomretail.com/retail/savings-account-lebanon#sthash.g91gikRR.dpuf
You Can Apply the Above Formula to how much you get after 3 years.