Power of Compounding
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“Compound interest is the 8th wonder of the world”.
ALBERT EINSTEIN
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What Is Compounding?
finance : to pay interest on both an amount of money and the interest it has already earned.
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Formula For Compound interest
Compound interest = total amount of principal and interest in future (or future value) less principal amount at present (or present value)
= P [(1 + i)n – 1]
Where:
P = principal
i = nominal annual interest rate in percentage terms
n = number of compounding periods
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How Compound Interest Grows Over Time
- Compound interest can significantly boost investment returns over the long term.
- While a $100,000 deposit that receives 5% simple annual interest would earn $50,000 in total interest over 10 years, the annual compound interest of 5% on $10,000 would amount to $62,889.46 over the same period.
- If the compounding period were instead paid monthly over the same 10-year period at 5% compound interest, the total interest would instead grow to $64,700.95.
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CURATED BY
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