A little knowledge is dangerous. You found the right terms but totally missed th... | Hacker News

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		limelight on April 27, 2017 \| parent \| context \| favorite \| on: Robinhood stock trading app confirms $110M raise a... A little knowledge is dangerous. You found the right terms but totally missed the meaning. Daily accrual means that your interest for that day is calculated daily. It doesn't mean the interest rate is 2.4% a day. Did you even think about this logically? 2.4% a day would be 876% a year. That's obviously insane.

sobani on April 28, 2017 [–]

2.4% a day would be 574756% a year (yes 5747 fold). Compound interest FTW! (or For The Bankruptcy in this case)

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