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According to Albert Einstein, Compound Interest is the 8th Wonder of the World. Here is the formula :
A = P(1 + r/q)nq
The nq outside the brackets above does not mean "multiplied by nq" but "to the power of nq".
P is the principal (the money you start with, your first deposit)
r is the annual rate of interest as a decimal (5% means r = 0.05)
n is the number of years you leave it on deposit.
q is the number of times per year that the interest is to be calculated.
Sweet's modern business arithmetic: A treatise on modern and practical methods of arithmetical calculations for the use of business and commercial colleges, ... in other educational institutions
Work every day towards your financial freedom. Each day take a new step along the path that you have planned out to create financial freedom for yourself, even if it's a negative one like cutting up that high end credit card. Rather than putting yourself to work for money, put your money to work for you. Working for money is a necessary evil sometimes but you should always aim for making an investment at least once a month. "Profits are better than wages." -Jim Rohn
Generally speaking, you do not get what you deserve in life; you get what you negotiate. The Law of Sewing and Reaping will tell you that you get what you sew. It does not tell you that you get what you deserve.You should only spend time working with people who deserve your efforts, people who go at least half way to meet you in your efforts.
"If you think Education is expensive, try Ignorance. - Benjamin Franklin.
Whenever you are offered a course of any kind, jump at the opportunity.
