Using this compound interest calculator

  • BusinessWhen it comes to investments, there are plenty of options available, depending on your life stage, goals, and the sum you’re able to invest. Regardless of your situation, if you're interested in boosting your savings over the long term, a compound interest savings account might be precisely what you’re looking for. Understanding how compound interest works will help you to make smarter investment decisions. In this article, you'll learn what compound interest is, how it can increase your savings over time, and how to find out if it's the right option for you. Ready? Let's go. What is compound interest? Let’s get really granular: The word "compound" refers to something made of two or more elements, while “interest” is money paid for money lent or deposited. Given this, compound interest is effectively interest that’s calculated on an account’s principal balance—which, for a savings account, is the original balance that you deposit. In the case of compound interest, you’re generating "interest upon interest." It adds interest based on the initial interest rate, and this includes interest accumulated from previous periods. Compound interest can combine interests on any given schedule: daily, monthly, or even annually. So, with a savings account that earns compound interest, you’ll earn interest on the initial principal and the accumulated interest over time. Let's look at some examples to understand more.
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    Using this compound interest calculator

    What is compound interest For savers, the definition of compound interest is important. Compound interest is the interest earned on the principal plus the interest that keeps accumulating. With compound interest, your savings will grow faster over time. An account that pays compound interest, such as a standard savings account, adds income to the original principal at the end of…

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