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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 | R19 200,00 | R19 200,00 | R2 898,79 | R2 898,79 | R22 098,79 | R20 847,92 |
| 2 | R20 352,00 | R39 552,00 | R9 478,77 | R12 377,57 | R51 929,57 | R46 217,13 |
| 3 | R21 573,12 | R61 125,12 | R18 313,90 | R30 691,47 | R91 816,59 | R77 090,98 |
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