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I own my friend money from two years ago. How much do I own them now? watch

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    I went out with one of my close friends two years this September. We went to a restaurant together. I was sadly short 50p. My friend paid the 50p. I know own them 50p.How much money do I own them due to interest?
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    You should ask your friend about their interest rates.
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    (Original post by AutisticMew)
    I went out with one of my close friends two years this September. We went to a restaurant together. I was sadly short 50p. My friend paid the 50p. I know own them 50p.How much money do I own them due to interest?
    (Original post by serah.exe)
    You should ask your friend about their interest rates.
    ^^ i was gonna say

    maybe inflation of 20k%??

    Edit: you say this was 2 years ago so surely they would've forgotten?
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    Best to ask them. It depends on what their cost of opportunity is, and bear in mind the time value of money - 50p 2 years ago is worth more than 50p today.
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    With today's interest rates and factoring in inflation (430,000x what 50p was worth two years ago), I'd definitely be writing to their secretary to request an appointment to meet with them at their earliest point of convenience. It might be that they'll be able to draft in a finance company and arrange a payment plan over the next 25 years. I would expect to be paying back a considerable amount of interest though. 50p is a lot of money these days. Definitely be more careful in future.
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    You "own" their money? Was it a gift?
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    (Original post by SeanFM)
    Best to ask them. It depends on what their cost of opportunity is, and bear in mind the time value of money - 50p 2 years ago is worth more than 50p today.
    50p 2 years ago is now worth a whopping 50.3p today :eek3:
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    (Original post by Alexion)
    50p 2 years ago is now worth a whopping 50.3p today :eek3:
    :dumbells: gains.

    Think of the investments they could have made with that 50p and the extra 0.3p. :moon:
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    (Original post by SeanFM)
    :dumbells: gains.

    Think of the investments they could have made with that 50p and the extra 0.3p. :moon:
    True. He could have doubled his 50p in the meantime :moon:
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    its only £0.50.
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    (Original post by Alexion)
    True. He could have doubled his 50p in the meantime :moon:
    Might I suggest locking that 50p in an ISA? My mum is always telling me about saving a penny for a rainy day :moon:
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    (Original post by AutisticMew)
    I went out with one of my close friends two years this September. We went to a restaurant together. I was sadly short 50p. My friend paid the 50p. I know own them 50p.How much money do I own them due to interest?
    *owe
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    (Original post by iEthan)
    With today's interest rates and factoring in inflation (430,000x what 50p was worth two years ago), I'd definitely be writing to their secretary to request an appointment to meet with them at their earliest point of convenience. It might be that they'll be able to draft in a finance company and arrange a payment plan over the next 25 years. I would expect to be paying back a considerable amount of interest though. 50p is a lot of money these days. Definitely be more careful in future.
    I'm loving the economic analysis Ethan!! :rofl:
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    (Original post by CleverSquirrel)
    I'm loving the economic analysis Ethan!! :rofl:
    :rofl: thank you
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    (Original post by AutisticMew)
    I went out with one of my close friends two years this September. We went to a restaurant together. I was sadly short 50p. My friend paid the 50p. I know own them 50p.How much money do I own them due to interest?
    You have a friend called Money?
    /J
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    I'll do the maths:

    0.50*10=5.00

    5.00*1.35^2(years)= £9.1125

    £9.1125*however many friends you have altogether= T (total cost)

    T*(Your followers on TSR)=0

    Oh, so the answer is 0. You have no friends so you have no one to pay back
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    You owe him your soul by now.
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    It's 50p ffs, if they're your friend I'm sure they won't care about you paying it back.
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    (Original post by iEthan)
    :rofl: thank you
    My analysis was better (twas mathematical):

    (Original post by Boss_Rhythm)
    I'll do the maths:

    0.50*10=5.00

    5.00*1.35^2(years)= £9.1125

    £9.1125*however many friends you have altogether= T (total cost)

    T*(Your followers on TSR)=0

    Oh, so the answer is 0. You have no friends so you have no one to pay back
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    (Original post by iEthan)
    Might I suggest locking that 50p in an ISA? My mum is always telling me about saving a penny for a rainy day :moon:
    Of course... you never know, that 50p in the ISA might build up just enough to buy one of those *****y umbrellas off a street seller in London!
 
 
 
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