[Discuss] Financial database / balance?

[gaf at blu.org (Jerry Feldman)]

On 01/15/2012 04:21 PM, Jack Coats wrote:
> I think we all agree, for finances we want integer math, no matter how
> we implement it.  That is counting pennies or mills at the unit of
> measure.
>
> Floating point and binary conversions with their apparent
> inconsistencies are beyond what we are wanting to live with (like
> rounding errors, etc).
>
> There is no one truth that is correct for all, even when counting money.
>
> Try going into your bank, and ask for the formula they use for
> calculating interest on a savings account.  The normal answer I have
> gotten is "The Computer Does It", and no one at the bank knows.
>
> After working for a bank for several years, they don't even know.
> They purchase a bank bean counting package from the vendor and
> "assume" it is right.
You may be right, When I was a banker we had a formula for loans. But,
calculations have to take into account a lot of things. I don't want to
beat the dog to death, but in some cases they use a 360 day year for
calculations. On our package at work, when doing curves and simulaitons
we select the basis which may be different in the US and the UK.

-- 
Jerry Feldman <gaf at blu.org>
Boston Linux and Unix
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