Compound Interest Calculator - Daily, Monthly, Yearly ...
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The concept of compound interest, or 'interest on interest', is that accumulated interest is added back onto your principal sum, with future interest ... Popupcalculator Copyalinktothispage Printthispage Emailalinktothispage Scrolluptoform Whatdoesthismean? 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Regularcontributions Deposits Withdrawals Depositamount $ monthly quarterly half-yearly yearly Depositsmadeatwhatpointinperiod? Beginning End Increasedepositsyearlywithinflation? Annualinflationrate? Calculate Useourcompoundinterestcalculatortoseehowthepowerofcompoundinterestcangrowyoursavingsorinvestmentsovertime. Advertisements Likethis?Pleaseshare Pleasehelpmespreadthewordbysharingthiswithfriendsoronyourwebsite/blog.Thankyou. Link Disclaimer:Whilsteveryefforthasbeenmadeinbuildingthistool,wearenottobeheld liableforanydamagesormonetarylossesarisingoutoforinconnectionwiththeuseofit.Fulldisclaimer. Thistoolisherepurelyasaservicetoyou,pleaseuseitatyourownrisk. Onthispage: Howtocalculatecompoundinterest Usingourinterestcalculator Whatiscompoundinterest? Compoundinterestexample Compoundingwithadditionaldeposits Examplechart Frequentlyaskedquestions Howtocalculatecompoundinterest Compoundinterestiscalculatedusingthecompoundinterestformula.Tocalculateyourfuturevalue,multiplyyourinitialbalanceby oneplustheannualinterestrateraisedtothepowerofthenumberofcompoundperiods.Subtracttheinitialbalanceifyouwantjustthecompoundedinterest figure. A=P(1+r/n)(nt) Where: A=thefuturevalueoftheinvestmentorloan P=theprincipalinvestmentorloanamount r=theinterestrate(decimal) n=thenumberoftimesthatinterestiscompoundedperperiod t=thenumberofperiodsthemoneyisinvestedfor Youcanuseacompoundinterestcalculatortocreateaprojectionofhowmuchyoursavingsorinvestmentsmightgrowoveraperiodoftimeusingthe powerofcompoundinterest.Wehaveaseparatearticlediscussingvariationsofthecompoundinterestformula,shouldyoubeinterested. Usingourinterestcalculator Ourinterestcalculatorgivesyouafuturebalanceandaprojectedmonthlyandyearlybreakdownforthetimeperiod.Here'showtouseit: Enteraninitialbalancefigure Enterapercentageinterestrate-eitheryearly,monthly,weeklyordaily Enteranumberofyearsormonths,oracombinationofboth,forthecalculation Selectyourcompoundinginterval(daily,monthly,quarterlyoryearlycompounding) Includeanyregularmonthly,quarterlyoryearlydepositsorwithdrawals Youcanusetheresultsasaguidetocreateasavingstrategytomaximiseyourfuturewealth. Whatiscompoundinterest? Theconceptofcompoundinterest,or'interestoninterest',isthat accumulatedinterestisaddedbackontoyourprincipalsum,withfutureinterestcalculationsbeingcarriedoutonthetotalofboththeoriginalprincipalandalready-accrued interest.AccordingtoanarticlepublishedintheJournalofEconomicEducationin2016,lessthanone-thirdoftheU.S.populationcomprehendshowcompound interestfundamentallyworks1. Theideaofcompoundinteresthasbeenaroundalongtime,withlimitedevidencesuggestingancientcivilizationsmayevenhaveknownaboutit.AttheLouvreinParis,thereexistsaclaytabletfromBabylon,possibly datingfrombetween2000to1700B.C.,whichappearstoshowacompoundinterestproblem.However,itseemslikelythatitwasn'tuntilmedievaltimesthat mathematiciansbegantoanalysecompoundinterestfully2. Compoundinterestexample Let'slookatasimpleexampleandsayyouhave$10,000inyoursavingsaccount,earning5%interestperyear.Yourfirst10yearsmightlooklikethis: Year InterestCalculation InterestEarned EndBalance Year1 $10,000x5% $500 $10,500 Year2 $10,500x5% $525 $11,025 Year3 $11,025x5% $551.25 $11,576.25 Year4 $11,576.25x5% $578.81 $12,155.06 Year5 $12,155.06x5% $607.75 $12,762.82 Year6 $12,762.82x5% $638.14 $13,400.96 Year7 $13,400.96x5% $670.05 $14,071 Year8 $14,071x5% $703.55 $14,774.55 Year9 $14,774.55x5% $738.73 $15,513.28 Year10 $15,513.28x5% $775.66 $16,288.95 Let'slookathowwecancalculatetheyear10figureusingourformula.Rememberthatourinitialsavingsbalanceis$10,000,earning5%interestperyear. Ourcompoundinginthiscaseisyearly(interestcompoundedonceperyear). Ourformula:A=P(1+r/n)(nt) P=10000. r=5/100=0.05(decimal). n=1. t=10. Ifweplugthosefiguresintotheformula,wegetthefollowing: A=10000(1+0.05/1)(1×10)=16288.95 So,thebalanceafter10yearsis$16,288.95.Ourtotalinterestearnedistherefore$6,288.95. Compoundingwithadditionaldeposits Ifyougetintoapatternofmakingregulardepositsintoyoursavings,thepowerofcompoundinterestcanhelpyouachieveevenhigherinterestrewards. Lookingbackattheexampleabove,ifweweretocontributeanadditional$100permonthintoourinvestment, ourbalanceafter10yearswouldhittheheightsof$31,725,withinterestof$9,725ontotaldepositsof$22,000. Advertisement Compoundinterestchart Thepowerofcompoundinterestreallybecomesapparentwhenyoulookatachartoflong-termgrowth.Here'sanexamplechart.Youinvestyourprofitmarginfromasaleofanitem($1,000).We'llusealonger compoundinginvestmentperiod(20years)at10%peryear,tokeepthesumsimple.Aswecomparethebenefitsofcompoundinterestversusstandardinterest andnointerestatall,it'scleartoseehowcompoundinterestcanreallygiveaboosttoyoursavings. FAQ Somefrequentlyaskedquestionsaboutcalculatinginterestandmysavingscalculators. Whenisinterestcompounded? Withsavingsaccounts,interestcanbecompoundedateitherthestartortheendofthecompoundingperiod.Ifadditionaldepositsorwithdrawalsareincludedinyour calculation,youhavetheoptiontoincludethemeitheratthestartorendofeachperiod. Daily,monthlyoryearlyinterestcompounding Ourcompoundinterestcalculatorincludesoptionsfor: dailycompounding monthlycompounding quarterlycompounding halfyearlyandyearlycompounding monthly,quarterlyandyearlydepositsandwithdrawals negativeinterestrates inflationincreases Yoursavingsaccountmayvaryonthis,soyoumaywishtocheckwithyourbankorfinancialinstitutiontofindoutwhichfrequencytheycompoundyourinterestat.Ourcompoundinterestcalculatorallowsyoutoenter anegativeinterestrate,shouldyouwish.Ifyouneedtoworkouttheinterestdueonaloan,youcanusetheloancalculator. Advertisement Whatistheeffectiveannualinterestrate? Theeffectiveannualrateistherateofinterestthatyouactuallyreceiveonyoursavingsafterinclusionofcompounding.Whencompoundingofinteresttakes place,theeffectiveannualratebecomeshigherthanthenominal annualinterestrate..Themoretimestheinterestiscompoundedwithintheyear,the highertheeffectiveannualratewillbe. Furtherreading Youcanlearnmoreaboutthepowerofinterestcompoundinginourarticle,whatiscompoundinterest? CalculatorcreatedbyAlastairHazellandreviewedbyJamesWhittington. Calculatorreferences: EdwardHubbard,PercivalMatthews&AnyaSamek(2016)Usingonlinecompoundinteresttoolstoimprovefinancialliteracy,TheJournalofEconomicEducation,47:2,106-120,DOI:10.1080/00220485.2016.1146097 Theemergenceofcompoundinterest,BritishActuarialJournal,2019 reportthisad Financearticles SavingTipsforYoungPeopleWhatistheDifferenceBetweenNominal,EffectiveandAPRInterestRates?WhatisFinancialIndependence,RetireEarly(FIRE)?HowtoCalculateNetIncome(WithExamples)HowLongWillItTakeToSave?(IncludesCalculator) reportthisad aboutus | advertise | forums | cookieuse | disclaimer | privacy Giveourcompoundinterestcalculatoratry. HazellIndustriesLtd,12StationSt,Eastbourne,BN214RG ©HazellIndustriesLtd-2021
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