SEVENLOOP COMPOUND INTEREST — THE 8TH WONDER OF MANKIND

As everyone knows, a person’s financial health is reflected in their earnings, particularly their savings for future goals or unforeseen events. Not only that, but if you keep accumulating every month, every year, you will eventually amass wealth. However, in order to make more money, you must comprehend the rule of compound interest while investing.

What is compound interest?

Einstein said, “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it”.

Warren Buffett also shared the reason for his success: “My wealth has come from a combination of living in America, some lucky genes, and compound interest”.

From these philosophies, we can see the great importance of compound interest in investment and life.

Compound interest, also known as compound profit, is the profit earned by producing money, investing, accumulating, then reinvesting and re-accumulating with the original capital to produce a better profit. Compound interest increases the initial capital, resulting in bigger returns in the long run.

Simple Interest Equation (Principal + Interest)

A = P(1 + rt)

Where:

• A = Total Accrued Amount (principal + interest)
• P = Principal Amount
• I = Interest Amount
• r = Rate of Interest per year in decimal; r = R/100
• R = Rate of Interest per year as a percent; R = r * 100
• t = Time Period involved in months or years

From the base formula, A = P(1 + rt) derived from A = P + I and since I = Prt then A = P + I becomes A = P + Prt which can be rewritten as A = P(1 + rt)

Note that rate r and time t should be in the same time units such as months or years. Time conversions that are based on a day count of 365 days/year have 30.4167 days/month and 91.2501 days/quarter.

Simple Interest Formulas and Calculations:

A = the Final Investment Value, using the simple interest formula: A = P(1+ rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Where r is in decimal form; r=R/100; r and t are in the same units of time.

The accrued amount of an investment is the original principal P plus the accumulated simple interest, I = Prt, therefore we have:

A = P + I = P + (Prt), and finally A = P(1 + rt)

• Calculate Total Amount Accrued (Principal + Interest), solve for A
• A = P(1 + rt)
• Calculate Principal Amount, solve for P
• P = A / (1 + rt)
• Calculate rate of interest in decimal, solve for r
• r = (1/t)(A/P — 1)
• Calculate rate of interest in percent
• R = r * 100
• Calculate time, solve for t
• t = (1/r)(A/P — 1)

Example:

P = (Principle + Interest) = $1,000

A = (Total Accrued Amount) = $10,001,000

Consider how big the compound interest will be if the deposit period is up to 5 or 10 years. The longer the deposit term, the higher compounded interest receive.

What is the impact of Compound Interest?

To begin with, it should be noted that Compound Interest is heavily reliant on deposit time; compound profit will be ineffective if you just intend to deposit for a short period of time. However, if you have a particular strategy and are committed to investing for a long period of time, such as three years or more, the amount of money you may earn from compound returns is enormous. As a result, you should begin accumulating immediately and selecting the appropriate investment structure to take advantage of compound interest’s potential.

Can you save enough money on a $1,000 monthly wage to earn a profit, in your opinion? In truth, when it comes to accumulation and investing, the amount you start with doesn’t matter; what matters is that you stick to the financial strategy you’ve laid out. If you deposit $100,000 or $1,000,000 per month and use this compound profit formula on a regular basis for three years, you will undoubtedly obtain more than what you want.

How to effectively take advantage of compound interest?

Start as soon as possible

Begin making plans to stake money or invest as soon as feasible. The most essential factor that affects the potency of compound earnings is time. The longer the time period, the larger the profit.

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Make it a habit to save money on a regular basis.

Don’t be disheartened if you don’t notice the compounding impact right away. If you stick with it and develop the habit of saving on a regular basis, your original deposit will grow significantly in size as you progress through the deposit process.

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