Understand compound interest from "summary" of The Wealthy Barber by David Barr Chilton
Compound interest is a fascinating concept that has the power to significantly impact your financial future. Let's break it down in simple terms. Imagine you have some money saved up, let's say $1,000. You decide to put this money into an investment that gives you an annual interest rate of 5%. At the end of the year, you would have $1,050 in your account. Now, here's where compound interest comes into play. Instead of taking out that $50 interest and spending it, you leave it in the account, and the next year you earn 5% on $1,050. This means you would earn $52.50 in interest, bringing your total to $1,102.50. By leaving your interest in the account, you are essentially ...
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