This comparison will show you why it pays to save as much as you can, and earn the most interest possible on what you save.
The power of compound interest
|Year||$5 a day at no interest||$5 a day at 5% interest, compounded daily|
There’s not much difference at the end of one year — but at the end of 30 years, the person who saved using compound interest has more than $72,000 extra!
Instructions: Now, try it yourself! Use this calculator to estimate how your savings can grow over time.
Value of Investment
*Daily compounding, with contributions made at the end of the time period.
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