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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 | R54 000,00 | R946 500,00 | R44 233,94 | R44 233,94 | R990 733,94 | R990 733,94 |
| 2 | R54 000,00 | R1 000 500,00 | R48 949,17 | R93 183,12 | R1 093 683,12 | R1 093 683,12 |
| 3 | R54 000,00 | R1 054 500,00 | R53 890,73 | R147 073,85 | R1 201 573,85 | R1 201 573,85 |
| 4 | R54 000,00 | R1 108 500,00 | R59 069,49 | R206 143,34 | R1 314 643,34 | R1 314 643,34 |
| 5 | R54 000,00 | R1 162 500,00 | R64 496,82 | R270 640,16 | R1 433 140,16 | R1 433 140,16 |
| 6 | R54 000,00 | R1 216 500,00 | R70 184,67 | R340 824,83 | R1 557 324,83 | R1 557 324,83 |
| 7 | R54 000,00 | R1 270 500,00 | R76 145,54 | R416 970,37 | R1 687 470,37 | R1 687 470,37 |
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