Compound interest is the interest you earn on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest. For example, if you put $50 in your savings account every month, and this savings yields 10% annually. After 30 years, you will have invested $18,000. How much money do you think you will get? $30,000? $50,000? Nope! You will end up with a huge sum of $113,024 (more than 6 times the amount you had put down). Our application allows you to calculate and plan out both long term and short term savings. Just imagine how wealthy you can be if you start right now. Features included: - Calculate future value of your investment using compound interest formula - Multiple options for contribution frequency (monthly, quarterly, semiannually, annually) - Display graph and table view right under result - Formulas included in case you forgot - Save results and share with friends - Dark Mode / Light Mode
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