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Enter your financial information and TAB through the form.
Use the check boxes to choose the frequency of your regular savings and the frequency of the compounding of your interest. The rate of compounding is how frequently your bank or financial institution pays you for the use of your money. The bank pays you a fee for the use of your money that is calculated by multiplying the total balance in your account by the Annual Percentage Rate, expressed according to the period of compounding.
For example, a $100 balance compounded quarterly at 5% would be expressed as 100 times (0.05 divided by 4 or .0125) = $101.25. In the next quarter, the bank pays 5% (annually) on the 101.25 to bring the balance up to $102.52, and so on. Click compute to find out how much you will have in "X" years and how long it will take you to become a millionaire. Through experimentation, you'll be able to see the power of compounding interest and the long-term benefits of saving on a regular basis.
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