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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 | R14 400,00 | R14 400,00 | R1 442,63 | R1 442,63 | R15 842,63 | R15 842,63 |
| 2 | R14 400,00 | R28 800,00 | R4 452,73 | R5 895,37 | R34 695,37 | R34 695,37 |
| 3 | R14 400,00 | R43 200,00 | R8 034,75 | R13 930,12 | R57 130,12 | R57 130,12 |
| 4 | R14 400,00 | R57 600,00 | R12 297,36 | R26 227,48 | R83 827,48 | R83 827,48 |
| 5 | R14 400,00 | R72 000,00 | R17 369,86 | R43 597,34 | R115 597,34 | R115 597,34 |
| 6 | R14 400,00 | R86 400,00 | R23 406,13 | R67 003,46 | R153 403,46 | R153 403,46 |
| 7 | R14 400,00 | R100 800,00 | R30 589,29 | R97 592,76 | R198 392,76 | R198 392,76 |
| 8 | R14 400,00 | R115 200,00 | R39 137,26 | R136 730,01 | R251 930,01 | R251 930,01 |
| 9 | R14 400,00 | R129 600,00 | R49 309,34 | R186 039,35 | R315 639,35 | R315 639,35 |
| 10 | R14 400,00 | R144 000,00 | R61 414,11 | R247 453,46 | R391 453,46 | R391 453,46 |
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