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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 | R4 188,00 | R4 188,00 | R333,01 | R333,01 | R4 521,01 | R4 285,32 |
| 2 | R4 418,34 | R8 606,34 | R1 029,22 | R1 362,24 | R9 968,58 | R8 956,29 |
| 3 | R4 661,35 | R13 267,69 | R1 865,67 | R3 227,90 | R16 495,59 | R14 047,87 |
| 4 | R4 917,72 | R18 185,41 | R2 865,09 | R6 092,99 | R24 278,40 | R19 597,93 |
| 5 | R5 188,20 | R23 373,61 | R4 054,00 | R10 147,00 | R33 520,60 | R25 647,77 |
| 6 | R5 473,55 | R28 847,16 | R5 463,01 | R15 610,00 | R44 457,16 | R32 242,37 |
| 7 | R5 774,59 | R34 621,75 | R7 127,41 | R22 737,41 | R57 359,16 | R39 430,80 |
| 8 | R6 092,20 | R40 713,95 | R9 087,95 | R31 825,36 | R72 539,31 | R47 266,53 |
| 9 | R6 427,27 | R47 141,21 | R11 391,59 | R43 216,95 | R90 358,17 | R55 807,85 |
| 10 | R6 780,77 | R53 921,98 | R14 092,51 | R57 309,46 | R111 231,45 | R65 118,29 |
| 11 | R7 153,71 | R61 075,69 | R17 253,13 | R74 562,60 | R135 638,29 | R75 267,11 |
| 12 | R7 547,16 | R68 622,85 | R20 945,42 | R95 508,02 | R164 130,88 | R86 329,81 |
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