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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 | R24 239,56 | R24 239,56 | R3 659,66 | R3 659,66 | R27 899,22 | R26 320,02 |
| 2 | R25 693,93 | R49 933,49 | R11 966,73 | R15 626,39 | R65 559,88 | R58 348,06 |
| 3 | R27 235,57 | R77 169,06 | R23 120,88 | R38 747,27 | R115 916,33 | R97 325,58 |
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