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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 | R540 000,00 | R1 440 000,00 | R197 995,43 | R197 995,43 | R1 637 995,43 | R1 545 278,71 |
| 2 | R572 400,00 | R2 012 400,00 | R324 062,10 | R522 057,53 | R2 534 457,53 | R2 255 658,18 |
| 3 | R606 744,00 | R2 619 144,00 | R476 802,29 | R998 859,82 | R3 618 003,82 | R3 037 745,77 |
| 4 | R643 148,64 | R3 262 292,64 | R660 967,39 | R1 659 827,21 | R4 922 119,85 | R3 898 779,94 |
| 5 | R681 737,56 | R3 944 030,20 | R882 160,41 | R2 541 987,62 | R6 486 017,82 | R4 846 729,82 |
| 6 | R722 641,81 | R4 666 672,01 | R1 146 941,36 | R3 688 928,98 | R8 355 600,99 | R5 890 368,99 |
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