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Compound Interest | WIRE | FIRE | FEES | Switching funds | FOREX | Death Costs
There's an urban legend that Albert Einstein once said compounding [interest] is the most powerful force in the universe. Whether or not he really said it, that line holds a lot of truth. I strongly suggest you pay attention to it.
Complete the following to calculate the compound interest.
Note you can also use it to see how monthly withdrawals affect your investment by entering a negative monthly deposit .
| Year | Annual deposits | Total deposits | Annual interest | Total interest | Balance | Balance in today's money |
|---|---|---|---|---|---|---|
| 1 | R97 599,96 | R97 599,96 | R4 179,61 | R4 179,61 | R101 779,57 | R101 779,57 |
| 2 | R97 599,96 | R195 199,92 | R12 321,97 | R16 501,58 | R211 701,50 | R211 701,50 |
| 3 | R97 599,96 | R292 799,88 | R21 115,73 | R37 617,31 | R330 417,19 | R330 417,19 |
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