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“Compound interest is the 8th wonder of the world”.
ALBERT EINSTEIN
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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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What Is Compounding?
finance : to pay interest on both an amount of money and the interest it has already earned.
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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...
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Series of ideas on power or compounding in Personal Finance
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*Just like compound interest multiples one’s savings, improving one’s mind daily, during the best hour of the day, multiplies one’s mental compounding interest.
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Warren Buffet, the highly successful investor, businessman and philanthropist says reading at least 500 pages a day is essential, as it builds up knowledge like compound interest.
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Credit Card Debt
The trickiest form of debt, which is literally bleeding our finances, is the credit card debt. Make sure you know what the interest rate being charged is. Know that a 2% interest rate per month is actually 24% per annum.
If you stay out of debt by paying the total due on t...
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