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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 | R7 500,00 | R7 500,00 | R596,37 | R596,37 | R8 096,37 | R7 638,08 |
| 2 | R7 950,00 | R15 450,00 | R1 846,11 | R2 442,47 | R17 892,47 | R15 924,24 |
| 3 | R8 427,00 | R23 877,00 | R3 353,42 | R5 795,89 | R29 672,89 | R24 913,93 |
| 4 | R8 932,62 | R32 809,62 | R5 160,66 | R10 956,55 | R43 766,17 | R34 666,91 |
| 5 | R9 468,58 | R42 278,20 | R7 317,23 | R18 273,78 | R60 551,98 | R45 247,96 |
| 6 | R10 036,69 | R52 314,89 | R9 880,24 | R28 154,02 | R80 468,91 | R56 727,41 |
| 7 | R10 638,89 | R62 953,78 | R12 915,63 | R41 069,65 | R104 023,43 | R69 181,52 |
| 8 | R11 277,23 | R74 231,01 | R16 499,52 | R57 569,17 | R131 800,18 | R82 693,06 |
| 9 | R11 953,86 | R86 184,87 | R20 719,80 | R78 288,97 | R164 473,84 | R97 351,81 |
| 10 | R12 671,09 | R98 855,96 | R25 677,83 | R103 966,80 | R202 822,76 | R113 255,17 |
| 11 | R13 431,36 | R112 287,32 | R31 490,57 | R135 457,37 | R247 744,69 | R130 508,81 |
| 12 | R14 237,24 | R126 524,56 | R38 292,89 | R173 750,26 | R300 274,82 | R149 227,39 |
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