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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 | R15 600,00 | R15 600,00 | R1 642,95 | R1 642,95 | R17 242,95 | R16 266,94 |
| 2 | R16 536,00 | R32 136,00 | R5 188,71 | R6 831,66 | R38 967,66 | R34 681,08 |
| 3 | R17 528,16 | R49 664,16 | R9 638,06 | R16 469,72 | R66 133,88 | R55 527,28 |
| 4 | R18 579,85 | R68 244,01 | R15 181,97 | R31 651,69 | R99 895,70 | R79 126,75 |
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